A Rainbow-Shitting Unicorn, is the gay equivalent of a Panther.
A Rainbow-Shitting Unicorn is when a younger male, chases older men.
Guy 1: "You know I'm 25 right...?"

Guy 2: "Just because I'm 15 doesn't mean anything, I'm a Rainbow-Shitting Unicorn."
by KickAssKyle January 7, 2011
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What a female does the following morning after indulging in unprotected anal sex with a gay man who, typically, is highly desirable to both men and women, making the term one of begrudging admiration.
Lexi "Did you see Candy last night, she's such a sexy slut; she even trapped Todd?" Eva, "you mean Todd, the gay barman with the body to die for? Wow, I guess she"ll be shitting rainbows and unicorns this morning; bitch".
by Grandsire July 31, 2019
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