Should be an easy one to grab. Located close to the road. The name is based off of a rock on Look Out Mountain where my family found a random pair of pink Joe Boxers. There is no need to go past the fence as the cache is located within the ROW.
Congrats to Stardustzzz for the first to find.
The container is a bison tube. The purpose of this cache was to lead you to a rock on the mountain, there was going to be a cache hidden at the rock. A fence was put up making access to the rock very difficult. The rock, as I'm sure you can guess, is called Panty Rock.