A silly word for a penis. Much funner to say than just penis. The word penaynay is based off ofvajayjay which is a funny word for vagina, pussy, vadge.
My penaynay itched in science class today, so I tried to reach over to get my pencil to scratch it. I ended up knocking the vial of sulfuric acid on my desk all over Samantha's vajayjay
Vagina, as in female birth canal, or fun place as is referred to by the African Tribe of Ruwanda. More specifically poofy vagina, also known as meatcurtains.