The winner (which will totally be our lightning fast purple speed mount we named "Schuster's Shooter") will receive a Codemasters goodie bag, a unique forum title and avatar, and their design appearing in the live game as a player mount. Two runners up will also get the the goodie bag and forum prizes as well.
So what are you waiting for? Get in the saddle and start designing!
Update: Turbine just got in contact with us, and apparently the contest is for United States and North American audiences too! Go, design, let one horse rule them all!