An insult for a guy who is half-Jewish (generally used if their father is Jewish). Is meant to imply that they are only half-circumcised.
A stereotype of twoskins is they have "Reverse Jew Syndrome", wherein they are susceptible to blatant rip-offs.
You bought a can of soda for five dollars? You're such a twoskin.
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It's when you get a half circumcision not a the full. You no longer have a foreskin you have a twoskin. It's either cut vertically or horizontally. A vertical cut is know as window dressing and a horizontal cut is known as a lower bowl, or upper bowl.
My father is Jewish and my mother is not so they decided on a twoskin