But he didn't think for very long. The libido of the male werepegasus is very high, and it peaks after a fight. But it affects the victor and the vanquished very differently. Ethel didn't think because the sensations coming from his erect penis, which his erstwhile opponent was carefully licking, were such as to blot out all thought.
"Fuck me, fuck me" muttered the brown werepegasus. "Make me your woman." And already his hair was growing finer and silkier, his stature diminishing, and his massive pecs becoming softer and rounder. He turned and presented his hairy butt.
Ethel had never found anal sex very appealing, but put his penis between the other werepegasus's thighs, growing steadily softer and more welcoming. He began to probe the area where the legs joined. Was there a spot that was softening? He probed gently but insistently as the new opening took more and more of him. The other werepegasus was now fully female and neighing in orgasmic ecstasy.
Ethel climaxed for the first time as a male. The sensation was indescribable, and mixed with feelings of triumph over the new female he had conquered. "Master" said the silky-haired, soft-spoken, indubitably female werepegasus mare.
Life was good.