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1.
It's a regulator valve at the end of a pump that feds soy-based oils into ice cream bars at a plant.

Eh...just kidding, Pointy Tits refers to breasts that are pointy, or cone-shaped.
Oh man! Them pointy tits is off the hizzouse, and poking me in the eye.
by Inva Derbo Ots September 28, 2006
 
2.
Sharp, pointy breasts that are liable to poke your eye out or puncture anything they touch.

During an early stage of puberty, many girls get pointy tits. It's a normal stage that they will soon grow out of (hopefully). If she's a full-grown woman and still has pointy tits, something is wrong.
If you've seen the original Batman movie, you know what pointy tits are (look at Catwoman).
by MaximusPrime February 24, 2008