Green’s Dictionary of Slang

white meat n.

also light meat

1. [1930s] (US) an easy target; something desirable [SE white + meat n. (1), pun on the genteel euph. for the ‘breast’ of a chicken].

2. [1930s+] (US black/W.I.) a white person, usu. a woman and in a sexual context [the tenderness of young SE chicken; note printers’ jargon white meat, an actress].

3. [1970s+] a white penis [meat n. (2)].

4. [1980s+] the vagina.