A cocoa butter dick is a dick (normally colored) that is perfectly lubricated with cocoa butter on a regular basis to ensure the penis is not ashy. This is also known as CBD.
Ady: yo Pete, send her a dick pic!
Pete: naw dawg, it's not cocoa butter dick yet
When a man sticks his fully erect penis into a jar of creamy peanut butter, coating the head and shaft. The woman then attempts to lick the penis clean.
man 1 : How did that chick do on the Peanut Butter Dick (PD)
man 2: She only licked it half way clean!