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2.
When you haven't jacked off in a while.
*Girl jacks guy off*

Girl: OMG! thats a lot of damn cum.

Guy: Yeh well ive been on wankation.
by Masterman09999 August 05, 2011
 
1.
Portmanteau of wank + vacation.

Wank is the slang British English term for Masturbation.

A wankation is any day(s) off taken for the sole purpose of releasing steam and masturbating several times a day.

Applies to both males and females.
Jane: Hey John you've been very stressed lately, is everything okay?
John: Yeah, my boss has been busting my balls for the quarterly report deadline coming up. Luckily, I've got a long 5 day wankation coming up next week. My target is going to be 8 times a day every day, wish me luck.
Jane: Oh John that is impressive, no one has ever sustained that many wanks in 5 days. You are one lucky guy.
*John thinking to himself: Ummm, maybe I ask her Jane to join me, we can mutual wankation the hell out of each other*
by Detective Chet Mahogony December 10, 2012