A ho bunny is derived from "snow bunny". A ho bunny is a hot girl that tries to fuck all of the snowboarders she can before the season is over. Certain women are also called ho bunnies because they move so fast from fucking one guy to the next, as fast as a bunny.
"Dude, look at that group of Ho Bunnies!"
"Fucking sweet, i already see my Ho Bunny, lets ride over there and get some mountain puss!"