Since I installed the Mo' Creatures mod, I've been trying to capture a pegasus. They're an extremely rare spawn, and a totally cool flying mount. I FINALLY found and broke one (I think it killed me a couple times in the process, until I learned to only break horses when in peaceful mode!)

Now my quest is to acquire a Nightmare, which is only available by breeding two rare horses. A Nightmare is a black pegasus that breathes fire. How totally cool is that? I've been trying to breed a pegasus and a unicorn, but after one colt, one of the two horses becomes sterile and I have to go find some younger wild horses.

On my ranch I currently have one unicorn, two pegasi, three roans, one chestnut and two black horses. Although the pegasus can fly, it won't jump the fence or fly away once it's been broken. The horses do not despawn once tamed, and bred horses don't despawn. (They still have to be broken.)

To be effective at horse ranching, you must have a good wheat field and a sugar cane crop. It doesn't hurt to have a supply of pumpkins (as feeding pumpkins to your horses is part of the breeding process.)