During the day it will shade you from the sun as you labor in the fields, and at night it will make you the life of the party.
Works for dudes and chicks. You'll find it in your inventory under female accessories.
Note: some hairstyles will poke through, but default hair and flatter hair styles work well.
The product has four textures: two for when the lamp is off, and two for when it's on. Make the "on" textures looks similar to the "off" textures, but a bit lighter.