noun, plural bunnies.
Informal. a rabbit, especially a small or young one.
Slang: Sometimes Disparaging and Offensive. a pretty, appealing, or alluring young woman, often one ostensibly engaged in a sport or similar activity: beach bunny; ski bunny.
Chiefly British. a squirrel.
Australian and New Zealand Slang. a person imposed upon or made a fool of; victim.
designed for or used by beginners in skiing: a bunny slope.

1600–10, Americanism; dial. bun (tail of a) hare or rabbit, in Scots: buttocks (< Scots Gaelic bun bottom) + -y2

The meaning “pretty woman” is sometimes used with disparaging intent and perceived as insulting. For instance, a beach bunny is an alluring female who frequents the beach only to meet male surfers. But bunny was originally (and still is) used as a term of endearment for a girl or young woman.
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World English Dictionary
bunny (ˈbʌnɪ)
n , pl -nies
1.  a child's word for rabbit Also called: bunny rabbit
2.  Also called: bunny girl a night-club hostess whose costume includes rabbit-like tail and ears
3.  informal (Austral) a mug; dupe
4.  slang a devotee of a specified pastime or activity: gym bunny; disco bunny
5.  slang (Brit) talk, esp when inconsequential; chatter
6.  slang (Brit) not a happy bunny deeply dissatisfied or discontented
[C17: from Scottish Gaelic bun scut of a rabbit]

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Word Origin & History

1680s, dim. of Scottish dialectal bun, pet name for "rabbit," previously (1580s) for "squirrel," and also a term of endearment for a young attractive woman or child (c.1600). Ultimately it could be from Scottish bun "tail of a hare" (1530s), or from Fr. bon, or from a Scandinavian source. The Playboy
Club hostess sense is from 1960. The Bunny Hug (1912), along with the foxtrot and the Wilson glide, were among the popular/scandalous dances of the ragtime era.
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
We can not put it off on tenure, administration or the energizer bunny.
Yes, clearly torturing little bunny rabbits is worth helping people have even
  more babies.
While he is a fantastic dog, he is the energizer bunny.
All this for swells that, let's face it, rarely amount to more than the wave
  equivalent of a bunny slope.
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