The hairstyle was popular during the late 20th Century, from the late eighties to early nineties. It has since been revived by a great number of females living in smaller towns and rural areas. It is generally considered that females who suffer from "penis envy" are the ones most likely to sport the hairstyle. Penvies (plural) have been worn by females of all ages.
"Just look at the penvy on her!" said one student to another.