A sexually alluring, seductive, and flirtatious adolescent girl younger than the legal age of consent to sexual intercourse (in the US, 16-18).
Such girls are known as "jail-bait" because if a man (legally, of any age, but colloquially considered to be an older man - relative to the age of the girl) has sexual relations with her he could be arrested for statutory rape (sex with a minor).
So in a nutshell: My neighbor's 14-year-old daughter who hangs out on the street corner in her Goth clothes and prances around her room in her underwear when she knows all the neighbors can see in her window, that slut.
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