The Collaborative International Dictionary of English v.0.48:

Teuton \Teu"ton\, n.; pl. E. Teutons, L. Teutones. [L.
   Teutones, Teutoni, the name of a Germanic people, probably
   akin to E. Dutch. Cf. Dutch.]
   1. One of an ancient German tribe; later, a name applied to
      any member of the Germanic race in Europe; now used to
      designate a German, Dutchman, Scandinavian, etc., in
      distinction from a Celt or one of a Latin race.
      [1913 Webster]

   2. A member of the Teutonic branch of the Indo-European, or
      Aryan, family.
      [1913 Webster]

WordNet (r) 3.0 (2006):

Teuton
    n 1: someone (especially a German) who speaks a Germanic
         language
    2: a member of the ancient Germanic people who migrated from
       Jutland to southern Gaul and were annihilated by the Romans