What does the second verse of "Jingle Bells" mean?

[Angela]

The second verse of the song "Jingle Bells" is:

Get a bob-tailed bay,
Two-forty for his speed.
Then hitch him to an open sleigh
And you will take the lead.

What is a bob-tailed bay, what is two -forty (for whom?), and what does all of this mean?

[Elizabeth]

Sorry I couldn't find a direct answer, but I found this:

http://en.wikipedia.org/wiki/Jingle_Bells

Hope I helped