Answer:
A colourful bird that talks
John Lennon sang about being this toothy creature.
What goes in the water black and comes out red?
What has a coat? Hugs you not in sympathy? Whose smile you'd rather not see? Whose stance is a terrible thing to see? Who is it that brave men run away from? Whose fingers are clawed? Whose sleep lasts for months? And who's company we shunt?
What has a horn but does not honk?
What is always coming but never arrives?