It is when a male uses his pencil (penis) to stick it into a girl's pencil sharpener (vagina) and the guy moves his pencil in a circular motion to create the pencil sharpening effect.
Hillel: Her? I tried to do that several days ago, however my pencil was too small to fit.
Friend: I think I'll be fine, if anything my pencil will be too thick for her sharpener!!1
2. A sometimes electronically-powered device used to sharpen pencils if they break or become too blunt.
Other Dude: "I gotta sharpen my pencil in that baby!"
2. Kid: "Teacher, can I use the pencil sharpener?"
Teacher: "Why are you asking people permission to use a pencil sharpener? Just do it already, it's perfectly legal!"
Hillel : Why, yes! We did do some pencil sharpening of our own. I also got the moaning sounds down perfect, Zzzrrrrrr Zrrrrrrmmm
Friend : Thats great, maybe Beverly will pencil sharpen me too!