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1.
noun. A term of endearment describing the male external genitalia. The penito is of Spanish and English origin, appearing in popular discourse in the late 2000s. The word is a combination of pene, meaning penis in Spanish, and -ito.
Kevin put his penito in Vivian's holita

She grabbed him by his penito and walked him around the house.
by Jiggadubz, Tyrone January 01, 2009
 
2.
The smallest designation of penis size / length. Similar to the "schlort", the penito represents a laughably short size of the male anatomy.
"When she got his pants off, she laughed out loud at his small penito."
by Frank Klaune March 05, 2004