The cheap way to say penis online without actually saying penis.
Did I just say penis? Oh my god that guys said penis!!
pebis is a small penis, so small it is the size of a pubic hair.
pebis is derived from the 2 words penis and pubic(pubic hair) and when put together to define a extremely small penis it becomes Pebis
who ever posted that "pebis is the internet way of typing penis...." has a pebis.