The Collaborative International Dictionary of English v.0.48:

palomino \pal`o*mi"no\ (p[a^]l`[u^]*m[=e]"n[-o]) n. [Sp.
   palomino, resembling a dove.]
   A horse of light tan or golden color with cream or white mane
   and tail, and often having white markings on the legs and
   face.
   [WordNet 1.5]

WordNet (r) 3.0 (2006):

palomino
    n 1: a horse of light tan or golden color with cream-colored or
         white mane and tail