A boyfriend of a Jewish girl who is a goy, and who is dated because of his body or because his status as goyim pisses of the girls parents. Relationship may be more of "fuckbuddies" than romantic. Commonly associated with JAPs. Implicit in the phrase is that the goy toy is of a lower socioeconomic status than the jewish partner, and that the relationship would never result in actual marriage or kids. On rare occasions a girl may be reffered to as a "goy toy". Something JAPs do in college before they settle down with a "nice jewish boy".
origin: pun on boy toy
girl 1:I heard Rachel has a new goy toy.
girl 2: Tony? He's so dreamy.
guy: yeah, but she'll dump him the day she turns 18.