No penis no. A term mostly used by teenage lesbians or bisexual females that lean towards female attraction more than males. How else can you define it? They're saying no to penis.
JUST SAY NO!
(Girls talking about last night with boyfriend.)
Mikayla: Its big...9 inches!
Morgan: NO PENIS NO!
Man: Do you want to go to my place and watch a movie?
Women: Sure, while there we can have sex.
Man: I'm waiting till marriage.
Women: You're a guy with balls but no penis.