It's a trailing static probe that provides accurate data to the test aircrew. Theory is the cone flies outside the aircraft wake and provides accurate P/S data to allow calibration of the on-aircraft systems. Commonly used on early test flights to ensure the data coming directly from the aircraft system is accurate and not being adversely affected by aircraft attitude.
Edit: Wot he said ^^^^^^^
Last edited by Speedywheels; 23rd Feb 2016 at 09:41.
Reason: Beaten to it by BEagle