The Collaborative International Dictionary of English v.0.48:
Picot \Pi`cot"\, n. [F.] One of many small loops, as of thread, forming an ornamental border, as on a ribbon. [Webster 1913 Suppl.] PicoteeWordNet (r) 3.0 (2006):
picot n 1: an edging of small loops, as on lace or ribbon