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.] Picotee

WordNet (r) 3.0 (2006):

picot
    n 1: an edging of small loops, as on lace or ribbon

Moby Thesaurus II by Grady Ward, 1.0:

24 Moby Thesaurus words for "picot":
   Vandyke, blaze, chop, crenellate, crenulate, crimp, cut, gash,
   incise, indent, jag, knurl, machicolate, mill, nick, notch, pink,
   scallop, scarify, score, scotch, serrate, slash, tooth