During a raging battle in the air involving multiple aircraft on either side there was no practical way to surrender. This was a messy affair, with closing speeds sometimes approaching (or even exceeding) 1,000 kph later in the war and rarely more than a few seconds to maneuver into position, aim and fire before breaking away.
However, if circumstances permitted a pilot could indeed attempt to surrender. The generally accepted signal was wagging your wings, that is, tilting the aircraft left to right, usually combined with lowering the landing gear. Since speed is of paramount importance in the air, both in fight and in escape, lowering the landing gear was a clear signal: I will not attempt to reach a high speed.