Saddle

Saddles are items that can be placed on pigs, which allow the player to ride them by right-clicking with the saddle. As of 12w36a they can be controlled using a carrot on a stick. Saddles cannot be placed on any other mobs. The player can climb on and off the pig as they please, and the saddle will remain on the pig indefinitely. As of 12w36a, if a saddled pig is killed or struck by lightning, the pig will drop the saddle.

Saddles are only found in chests inside dungeons or by trading with a villager. Dinnerbone has stated he will not be including a crafting recipe for saddles.

Trivia

 * One of the splashes which shows up on the title screen reads "Ride the pig!".
 * By throwing chicken eggs or snowballs at the pig while riding it, or simply punching it, it used to be possible to ride a pig high into the air. However, this is tricky to pull off because right clicking on the pig to throw something may dismount the pig. This has since been patched.
 * It would probably be easiest to pull this off by throwing these items upwards, however it is likely you will miss a few.
 * If the pig the player is riding moves under low solid blocks, it is possible they can phase the player through these blocks, damaging the player through suffocation.
 * When on a saddle, blocks are destroyed slower than on foot, at roughly the same speed as when underwater.
 * Since passive mobs no longer despawn as of 1.8, placing a saddle on a pig no longer wastes the saddle when you walk away, as long as the pig can not be harmed.
 * It is not possible to throw Ender Pearls while riding a pig, but if players look down at the pig and throw a Pearl they will be dismounted from the pig and take the Ender Pearl's damage.
 * It is not possible in SMP to ride a pig and have another player control the pig by walking in front of it while holding a carrot.
 * If you ride a pig off of a cliff, you can dismount from the pig before it hits the ground and take little to no fall damage, but the pig will still die. This can be very useful when trying to get the "When Pigs Fly" achievement.
 * If lightning strikes a pig while you are riding it, you will take damage, and the pig will be demounted and turned into a zombie pigman.
 * Player's body seems to be always facing the way the pig does, ignoring the direction player is looking. Switching to third person perspective allows to see only player's head rotating. This has not always been this way, it used to work just like minecarts.
 * A saddle is considered "armor" by the game, despite it provides no health towards the pig. A saddle can still be seen with invisibility potions.
 * Punching a pig while holding a saddle causes the pig to wear the saddle, and it will be taken out of your inventory, even in creative mode.