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1.
A vagina so hairy that when underpants are applied two ear like things appear from the inner thigh.....
She had a nice set of Koala Ears!
by James Clifton April 29, 2005
 
2.
Australian slang for the pubic hair sticking out on either side of a bikini.
Hey mate, check out those koala ears!
by Nightsguy June 24, 2009