Plain English Meaning
A turn around a chosen spot on the ground, flown at the right altitude and angle so the wingtip appears to stay locked onto that spot the whole way around.
Full Definition
A turn flown around a fixed point on the ground in which the pilot holds an imaginary line, called the line of sight, from the airplane to that point so it appears to pivot on the wingtip. The point on the ground is called the pylon, and the maneuver is flown at a specific altitude — the pivotal altitude — at which the line of sight remains on the pylon when the wing is pointed at it.
Context Anchor
Seen in the Eights on Pylons maneuver, where the pilot flies turns around two selected ground points in opposite directions.