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1.
A penis that is so small that it is inverted, much like a crater
Samantha: Oh My God, please whip it out John
John: *whips it out*
Samantha: Ew, it's a crater penis!!!!
by Crater, Esq. December 23, 2010
 
2.
A penis that is so deformed it almost shares a liking of a coffeecake.

or

When it's time to become a nun.
John held up a sponge to his private parts they were almost Identical, that's when I realized my boyfriend had a Craterpenis.
by HotPinkPyro August 02, 2010