albineye is a relative of the "brown eye", but much more elusive. An albineye is when someone bleaches their anus, thereby making the brown eye less pronounced and more closely matching the color of their other skin. Since it has been bleached, it looks somewhat like an albino's sphincter, and therefore becomes the "albineye".
Pronounced like: al-bye-nye
I was really impressed after bleaching my girlfriend's anus. Now when I bang her from behind, it stares at me like an albineye.