The fairy is a typically feminine symbol, especially in the tattoo tradition. The most common example is definitely the one taken by the story of Peter Pan, but the fairy itself has also a long history in the Western tradition.
These mythological creatures of the forest were considered free spirits who flew among the common people to give gifts to those who had done good deeds and to punish those who had misbehaved. The symbolism behind this subject is to be found in the soul of the person who is carrying it, as it is difficult to give a universal connotation.
They typically have a functioning alter ego, representing what you want to be, so, a fairy can have a sexy and provocative attitude, or they can simply express joy and happiness.
Most of the time however it is a symbol of good fortune, good luck and general benevolence toward others. The fairy, for a tattoo, is an extremely versatile subject, both for the placement and to be easily integrated in drawings much wider such as a cover up.