The pivot point is whatever you choose! However, choosing the centre of gravity makes any analysis simplest.
A motion of a free moving body (e.g. an airplane) can be described as combination of motion of an arbitrary reference point and rotation around that point. As far as describing the path taken by the body, any reference point will do.
However, for dynamic analysis, that is understanding the relation between the forces acting on the body and its movement, using centre of mass (a.k.a. centre of gravity) is the only reasonable option. That is because both the Newton's Second Law of Motion,
$$ a = \frac{F}{m}, $$
and its rotational version,
$$ \alpha = \frac{\tau}{I} $$
($a$ is acceleration, $F$ is force, $m$ is mass, $\alpha$ is angular acceleration, $\tau$ is torque and $I$ is moment of inertia), only work in these simple forms for the centre of mass (you can verify that by doing the integration over the mass of the body).
Alternatively in some cases you might want to chose the pivot point so that it is not accelerating, but depending on the path taken, that may not be possible. For example when the pilot pulls on the control column, an downward force will be generated at the tail. Its moment will cause upward angular acceleration in pitch, but it is still an unbalanced force, so it will cause a downward acceleration of the centre of gravity first. This combination means a non-accelerating pivot lies somewhere far ahead of the plane.
But as the attitude and path change, the angle of attack will increase and the wings will build up an upward force that eventually balances, and exceeds, the downward force at the tail and the plane will accelerate upward. At which point, a non-accelerating pivot lies somewhere far above the plane (see the diagram in Frederico's answer). So in case of an airplane, looking for a non-accelerated pivot is futile. It rarely works in situations other than where the pivot actually has a solid support, so it can't accelerate.