This item is provided by the Night Elf Mohawk found in all starting zones. It can be shot when mounted and moving but not when jumping. You may have only 5 at a time and you must use or destroy them all to get new ones.
This gives the buff Mohawked! and will show up as "You pity the fool". It has a duration of 60 minutes.
Patch 3.2.2 (2009-09-22): Undocumented: Added.