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1.
When the penis and testicles unify into the one organ.
Commonly caused by tight pants such as those seen in the olympics.
"Do these pants give me the penut effect"
by Xander B May 29, 2003
 
2.
Penis+Gut (pronounced "peanut"), where the man's stomach protrudes over the penis ... the male gunt (gut+cunt)
Jason ate so much he developed a temporary penut.
by SCon1 July 19, 2009