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1.
Molded chocolate hat designed to fit on the head of a penis. Primarily used to enhance oral sex for both the man and woman. Usually secured to head of penis with peanut butter, marshmallow creme, or caramel sauce.

Also see - Dick Hats
I hope that bitch is bringing the Chocolate Party Hats to my bachelorette party!
by DurTSanchez May 07, 2008
 
2.
When you get shit all over your dick, in the shape of a hat, after pounding your partner in the ass.
After a long night banging your mom in the ass, I walked away with a chocolate party hat.
by Itsmegod June 01, 2012