Another term for sex. Usually used when the female is riding for extended periods of time.
I heard that she rode the bone pony all the way to pound town last night!
any poser guy can be a Bone Pony, but the term usually refers to those who use handfuls of gel in their hair, shave their balls, and/or drive any car previously seen in a movie starring Vin Diesel.
Check out that N*Sync clone over there...what a Bone Pony!