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2.
to run and throw your pelvis in the air, resembling a flying squirrell.
Usually directed at someone whether it be a best friend or fat-chick.
Donny Doozie did the craziest flying squirrell last night at the bar.
by AnthonyWeaver March 29, 2006
 
1.
pulling your scrotom up high and only having the head of you penis sticking out of the top. Usually performed by the most drunk person at the party.
Robb was so drunk last night, he showed me the flying squirrell! Man, he's got some balls!!
by Fafa Flunkey November 06, 2008