A winky is with out a doubt a reference to the entire female genitalia. Pussy. Think about it. It WINKS at you! LOL.
I have NEVER heard the term "winky" used in place of "penis" or have ANYTHING to deal with male body parts! That is simply absurd!
Years ago, WAY before the term CAMELTOE was ever used, a buddy of mine turned to me and said, "My God! That singer, her pants are so tight that you can see her winky!"
There was NO doubt about that!! This actually happened in the USVI St Thomas in a night club in Charlotte Amalie, the capital city. It was the first time (and not the last) that I heard the term "winky" used to refer to the female genitalia.