Green’s Dictionary of Slang

bugbear n.

[SE bugbear, an object of dread; the darkness, both lit. and fig., of the pubic hair]

the female pubic area.

[UK]N. Ward London Spy VI 146: Every now and then drop’d a Lady from her Pillion, another from her Side-Saddle, some shewing the Milky-way to Bliss, others their Bugbears to the Company.
N. Ward Female Grievances Debated 58: The longest of her Petticoats reach’d not to her Knees, so that she could not stoop but she must fright the Standers by with the terrible Appearance of her Criniferous Bugbear.