Drop: Frightened KodoZone: Darkshore
I just picked this mount up and thought I'd post some basic observations in case that helps folks for snagging their own.
Based on several reported spawn spots, I made sort of a small triangular loop between 45:67, 41:65, and 44:54.
I saw him spawn at 41:65. He was a little bit smaller than I expected, not quite the size he would be as an actual mount ridden by a player. He's a friendly, green-named NPC for both Horde and Alliance and it shouldn't matter who controls the zone. I clicked him as soon as I was able to get to him so I didn't see his route but I can say that between the time I first saw him spawn and got to him to interact, he did turn back around and run in the opposite direction at least once, so his pathing doesn't seem to be an normal loop but something more scattered (and I guess appropriate for something that is called "Frightened").
When you click him, you begin channeling "Calming." It is not an instant click and you can interrupt it so don't accidentally move! When the cast finishes, there will be an emote about him nuzzling you, and you'll get the mount in your bag. The NPC will then despawn.