Green’s Dictionary of Slang

1. (Aus. prison) to masturbate; thus n. an act of masturbation [= pull v. (8)].

1988		‘Siriusly’ Speaking in Just Us (H.M. Prison, Beechworth, Vic.) Dec. 25/2: cotton wool n. Masturbation [Rhyming slang].
1990		Tupper & Wortley Aus. Prison Sl. Gloss. 🌐 Cotton wool. To masturbate. Rhyming slang for pull.

2. to seduce [= pull v. (2f)].

1998

R. Puxley Fresh Rabbit.