It would seem to me to be a Bridleway (as in a bridle for a horse) named "Pleasant" (or is it Permissive).At least that is the most logical explanation I can come up with.
It's certainly a bridleway, they are all over. Normally they say 'Public Bridleway', I've never seen another one that says 'Permissive' on it. I have no idea what it means.
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