It wasn’t very integral to the plot of the film though.
Seriously.
It happens in the Fellowship of the Ring. If you are really pressed for time the horse says it approximately 22 seconds in.
Even though this video is more than two years old, a lot of people on social media have just noticed and shared it in the last 48 hours; it's received a lot of shares by @SimonNRicketts on Twitter.
youtube.com / Via Lord of the Rings / New Line Cinema
I have also now watched the scene in LOTR and it does sound like the horse is saying "Benny Hill".
Jules Benjamin, who uploaded the video to YouTube, told BuzzFeed News: "A friend and I were watching Lord of the Rings some years ago (with a few beers on board) and we had to keep rewinding it once we'd heard it, so I had to take the clip from the DVD and put it out there. Strange that it just seems to have caught on now."
Lord of the Rings / New Line Cinema
Well done, horse.
vine.co / Via Lord of the Rings / New Line Cinema