When a man gets on all fours and spreads his asscheeks apart revealing his asshole. With the buttcheeks representing the large ears, the asshole as the one eye, and the hanging cock as the trunk, the lucky viewer gets an image of an elephant with one eye.
Nick: Hey wanna see a one-eyed elephant?
Slut: Sure Daddy.
Nick: There it is. Now tongue that ass like you do so well.
An extention on the original term of beaz. If a person from the projects (or Tim Westwood if you're from the UK) wanted to swear then they could substitute the nasty words (if they were moral) and replace them with ghetto sounding words that rhyme with beaz or beazus.
*Young man notices a woman on the tv with large breasts. He points it out to his mate*
Willin: Look at the tits on her!
Barry: Sheazus Beazus! Elephanteezus!