A term often used to ridicule someone for something that really has nothing to do with penis's or wrinkles, like other offensive terms it has nothing to do with the bad that person has done or his description, unless the term is used to describe an old man who is a total dick head (dickhead), in other terms your grandpa.
Mr. Butter Fuck: just cause im old does not mean you can call me a Penis Wrinkle.
Jack Mehoff: yea it does you Penis Wrinkle, go be old somewhere else.
Wyatt: "If you were to decide on the grossest part of the human body, what would that be?"
Dylan: "I don't know, like, the brain seems pretty gross."
Wyatt: "I think it's the Penis Wrinkle. That shit's just vile, disgusting."