Congratulations, it sounds like your Ponytail may be getting ready to bloom if it has buds on the top of the plant.
Ponytails are dioecious, which means that the male and female flowers occur on different plants.
If the flowers are cream colored it is a male plant, pink flowers, it's a female plant.
The female plants will produce fruit after flowering.
You can trim away the spent flowers if the plant is a male, but leave the flowers if it's a female plant.