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2.
1) A hot chick. Very similar to eye candy, the terms can be interchangeable. But if a girl is penis candy, guys want to do more than just look at her.

2) A girl capable of causing an instant erection.

3) Viagra or similar pills.
"Check out Megan, she's sooo hot!"

"Yeah, she's penis candy."

"Viagra is penis candy."

"Don't need no Viagra. Just watching her walk puts a rise in my Levis."
by Tuftskins May 02, 2009
 
1.
1. The sweet liquid that comes out of a mans hard penis before he ejaculates.

2. The thing strangers in a van offer.
1. I sucked every drop of his yummy penis candy.

2. “Hey kid want some candy?”
“Wha kinda candy?”
“My penis candy!”
by Kulukaku August 16, 2008