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.
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