diff --git a/src/utils/PhutilCowsay.php b/src/utils/PhutilCowsay.php
--- a/src/utils/PhutilCowsay.php
+++ b/src/utils/PhutilCowsay.php
@@ -71,14 +71,19 @@
         $template);
     }
 
-    $template = preg_replace_callback(
+    $token_patterns = array(
       '/\\$([a-z]+)/',
-      array($this, 'replaceTemplateVariable'),
-      $template);
-    if ($template === false) {
-      throw new Exception(
-        pht(
-          'Failed to replace template variables while rendering cow!'));
+      '/\\${([a-z]+)}/',
+    );
+    foreach ($token_patterns as $token_pattern) {
+      $template = preg_replace_callback(
+        $token_pattern,
+        array($this, 'replaceTemplateVariable'),
+        $template);
+      if ($template === false) {
+        throw new Exception(
+          pht('Failed to replace template variables while rendering cow!'));
+      }
     }
 
     $lines = $this->text;
diff --git a/src/utils/__tests__/cowsay/sheep.expect b/src/utils/__tests__/cowsay/sheep.expect
new file mode 100644
--- /dev/null
+++ b/src/utils/__tests__/cowsay/sheep.expect
@@ -0,0 +1,11 @@
+ __________________
+< How are my eyes? >
+ ------------------
+  \
+   \
+       __
+      UooU\.'@@@@@@`.
+      \__/(@@@@@@@@@@)
+           (@@@@@@@@)
+           `YY~~~~YY'
+            ||    ||
diff --git a/src/utils/__tests__/cowsay/sheep.test b/src/utils/__tests__/cowsay/sheep.test
new file mode 100644
--- /dev/null
+++ b/src/utils/__tests__/cowsay/sheep.test
@@ -0,0 +1,13 @@
+  $thoughts
+   $thoughts
+       __
+      U${eyes}U\.'@@@@@@`.
+      \__/(@@@@@@@@@@)
+           (@@@@@@@@)
+           `YY~~~~YY'
+            ||    ||
+~~~~~~~~~~
+{
+  "text": "How are my eyes?",
+  "eyes": "oo"
+}