"A token given to you for your victory in the Spring Festival Run.
This token can be exchanged for a Spring steed, alongside Spring Festival Tokens and a Document of Mount Ownership (which is the cost of a new steed.) All items can be traded with Will Peartree, at Hengstacer Farm."
You can win this item from the Lottery: Spring thing of which you can enter at http://my.lotro.com/home/lottery.