bangtail

/B AE1 NG T EY0 L/
noun
  1. 1

    The tail of a horse or cow, allowed to grow out and then trimmed horizontally so as to form a tassel; a horse or cow having such a tail.

  2. 2

    A racehorse.

  3. 3

    A prostitute.

  4. 4

    An envelope with a perforated flap on which promotional material is printed; the flap on such an envelope.

verb
  1. 1

    To shear off the hair horizontally at the end of a cow or horse's tail.

Source: https://en.wiktionary.org/wiki/bangtail