The Penguin feather is a drop unique to the penguin. All penguins will drop 4 penguin feathers. Currently, these feathers can be used to craft the Pirate Hat, Pilot Hat, Turban, Winter Hood, Winter Peasant's Tunic, Wand of Life, and Sled.
The Penguin Feather was added in the "Faster!" update.
|Winter Peasant's Tunic|
|Wand of Life|