A "little fag".
The word is usually used to refer to
lesbians as opposed to gay males.
It is mostly used as a term of endearment among
lesbians, and directed toward one another in a joking, non-threatening manner.
Example 1-
Woman #1: "Hey guys, check out my new Subaru-- it came with a sweet kayak rack! Now I'm going to rugby practice."
Woman #2: "God, you're such a faglet."
Example 2-
Woman #1: "Look, there's my
Women's Studies teacher walking
down the street."
Woman#2: "Is she a faglet?"
Woman#1: "Uh yeah! Look at her
Birkenstocks and mullet, dude."