A slang term referring to the male sexual organ, specifically used in the context of self-pleasuring.
"Petey never pulls any tail. As a result he spends alot of time playing with his pet-squirrel."
'Lemme pet your squirrel' is meant to say to someone who has an attractive moustache, and you just want to touch it. Preferably, pet it. Also, it is as bushy or curly as a squirrel's tail.
As I saw John's moustache, all I thought was "Lemme pet your squirrel".
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