Found this information:
Protruding prepuce
Some bulls have 5 to 10 cm of prepuce protruding below the end of the sheath. Providing the prepuce is moist, fresh and pink, this is not a problem because it means that the prepuce can be retracted. It is, however, a warning sign that the bull may prolapse in future. Although such bulls often have a normal working life, the risk is there.
Polled bulls are more likely to have this problem than are horned bulls.
Where the protruding prepuce is continually exposed, it means that it cannot be retracted into the sheath. This predisposes such prepuces to become dry, swollen, dirty and infected due mainly to a poor or absent blood supply. This is a serious problem as it indisposes the bull for mating.
Hope that helps! Interesting fact I did not know what about the correlation to polled versus horned