The German word for penis. Literally meaning the tail of an animal but used as penis. This is also a common name for people named Shawn (sean, shaun) who are well hung.
Friend_1: Yo guys, where's Schwanz?
Friend_2: I haven't seen him around.
Friend_3: Ohhh Schwanz, I miss him
Friend_1:I showed her my schwanz and she fainted