Used as a term for a woman's "cha cha". It is most often penetrated with an erect penis. It can also be stimulated by rubbing upon the infamous clitoris.
Last night, I penetrated Joanne's fat and hairy poon tang. Afterwards I felt disgusted because she weighed over two-thirty and I called dibs for sloppy seconds.
Poon tang is the highly lucrative tang (reward, sexual favor, usually intercourse) that is received after succesfully pooning (to woo, to rock out with one's cock out) a female.
Guy1: So how's pooning Becky going for you? Have you gotten any tang?
Guy2: Why yes, my friend, I tapped that poon tang last night.