Picture 16 shows the back of a male red panda. It does not have a tail, but the regular nub in the color chosen. (It may have been added after these questions started.)

Of course, this could change as it's in the Beta...

Yeah, that picture wasn't up when I ask. Thanks for the reply!

@Massa
dear sweet jeebus i hope they change the "tail". I know many people were asking for one on the male panda, but to me that tail in picture 16 looks like someone needs a lesson in proper bathroom hygiene.

@Lohkie: LOL Touche

@Lohkie: Actually, the tail is in a more accurate place on males than on females.
The tail is a continuation of the spine and would therefore be where a human tailbone is.

This was brought up in the comments of the female customization post. Just as I called it, if the tail were placed lower than how it is on the females, people would complain that it looks like it's coming from the butt:
http://wow.joystiq.com/2012/03/22/23-images-of-the-female-pandaren-customization/comments/35529193/

IMHO, it's fine where is.

@Lohkie: Oh why, oh why did I actually have to look upon reading your comment rather than simply taking your word for it? Cannot be unseen...... :(