1. [late 19C+] (orig. US) in fig. senses of worthlessness, both of ideas and individuals.
(a) nonsense, rubbish, humbug.
(b) a worthless, stupid person.
(c) a promiscuous woman.
2. [1940s+] (orig. US, also baloney pony) the penis.
[20C+] to masturbate.
[1970s+] to masturbate.
[1980s+] (US gay) to have anal intercourse.
[1930s+] (US) to have sexual intercourse.
see ride the white pony under pony n.
[1930s] (US) to talk nonsense.
[2000s] to fellate.