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The penis.

Also: trouser snake, one-eyed trouser snake.

Began to be common in the UK in the 70's largely through Bazza Humphreys and Let Stork Strine, a kind of dictionary of Ocker Australian talk.
He whipped out the old pocket python and fell upon her like a rat up a rhododendron.
by the man of the sea October 17, 2009
Two gay males put there hand in each other pocket and sees who get a boner first
Hey dude want to play pocket python
by Notthebuilder January 16, 2014