A disturbingly unattractive protruding bellybutton, particularly on an otherwise attractive female, so pronounced as to be reminiscent of a small penis. First appeared on paparazzi websites describing bikini pictures of talk show host Kelly Ripa's unnaturally protruding navel.
Bob: Hey look at that sweet honey strollin' up the beach.
Jay: Yeah, she's -WTF? What the hell is that stickin' outa her gut?
Bob: Oh man, she has a penis button! I'm gonna yyargh!!
Jay: Man, way to spoil the picture...Shit!
Sweet Honey: Hi guys!