The folds of tissue at the opening of the vulva, also known as the labia. Colloquially this may also be known as a sausage wallet, tuna taco, penis penitentiary, etc.
Dude 1: Yo bro, I just ate your sister's meat crepe.
Dude 2: Did she make it with bacon or sausage this time?
Dude 1: Nah bruh, I'm talking about her labia.
Dude 2: That's nasty bro she's my sister, but way go man!