Green’s Dictionary of Slang

palomino n.

[SE palomino, ‘a light brown or cream-coloured horse with pale mane and tail, believed to have been developed from Arab stock’ (OED)]

(orig. US black) an attractive woman.

[US]P. Crump Burn, Killer, Burn! 133: Let’s give Mr. Guts an opportunity to display his spunk to the palomino.
[US](con. 1930s) E. Thompson Garden of Sand (1981) 75: Pal, how’d you like to ride a real palomino who just loves to buck?