An acronym for 'perfect pony tail.' Essentially, any female hairstyle that demonstrates being a ponytail (that is, hair tied with a hair tie, clip or similar device) and the following criteria:
1) The hair surrounding the ponytail must be neat; that is, loose strands and fraying at a negligible amount in ordinary viewing
2) The ponytail must be worn at or above the ears; this exemplifies the true meaning of a 'high-ponytail', which is required for a true PPT.
3) Most often, hair must be extremely straight. Though curly and wavy hair can indeed be considered in PPT form, this is extremely rare, as keeping hair in perfect control when it is not straight is limited to knowledge, skills, and abilities
PPPT - Perfect Pigtails - same as above but double tied
IPT - Interesting Ponytail - Hair that does not meet the above criteria but still deserves recognition, e.g., a ponytail that reaches the floor.
WPT - Wet Ponytail - pretty self explanatory...
Dude, today at the Purdue vs. Indiana game, I saw a girl with a really short skirt and a huge PPT!