look up any word, like swag:
 
1.
1000x gayer than butt buddy
That kid and his friend are penis pals.
by eLgnouV February 18, 2009
 
2.
when two females have slept with the same male on different occasions.
you and I both slept with Jordan, that makes us penis pals!
by BettyLou221 December 26, 2011