The term used for a sexually active 12 year old who in the day lives on the farm, milking cows and looking after the sheep; but at night works at the local brothel charging 60 quid an hour.
Emily: "Hey look over there at that little blonde girl. Aww isn't she so cute; look at her feeding the roosters!"
Katie: *coughs* "They're not the only cocks that Little Ho Peep has been playing with recently!"
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