Flying dong or flying schlong.
There are several varieties of these, differentiated mostly by the type of their wings(fairy wings, dragon wings for example), and the curvature of the dong, which depends on the humor and personality of the flong.
They appear frequently, particularly from Thursday to Saturday nights, on the white boards on doors in the student residences in Vermont, their natural habitat.They are known to be agile in the air, and frisky when excited requiring extreme care when handling.
"Night night, don't let the flongs bite!"
"You're a flong!"
or used as verb: "Man that exam was hard... I got flonged by the last question!"