Despite the name of this plant, a ponytail palm is neither a palm nor a tree! It is actually part of the agave family and therefore a succulent. Therefore, in terms of care, it is very similar to that of succulents.
Water: water well once every 2-3 weeks, letting soil dry out completely between waterings.
Light: low to bright light is acceptable to ponytail palms, and even bright light is alright. Be sure to keep away from any air conditioning or heating vents, or a drafty location.