What does "pennant" mean?

Pennant: (a) A small flag; a pennon. The narrow, or long, pennant (called also whip or coach whip) is a long, narrow piece of bunting, carried at the masthead of a government vessel in commission. The board pennant is an oblong, nearly square flag, carried at the masthead of a commodore's vessel. "With flags and pennants trimmed." Drayton. (b) A rope or strap to which a purchase is hooked.