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1.
Little Red refers to an Chinese mans penis. Little because Asian men are known to have small cocks, and red in reference to red china.
"yo freddy, how the fuck does that Chinese boy whack the beast when he's got nothing but a Little Red?"
by Ashbury's Dirtbag March 26, 2007
 
2.
That red ring thing around the head of a penis when it is in a erected state
I love when her lips suck around my little red
by MacaroniMan June 10, 2011