Green’s Dictionary of Slang

twinkie n.

also twinky
[? fig. use of Twinkie, a variety of sweet biscuit; or ? ext. of twink n.2 /twink n.3 ]

1. (US gay) a young, inexperienced homosexual man.

[US]B. Rodgers Queens’ Vernacular.
[US]L. Kramer Faggots 367: Feathered Orientals, high-heeled Brazilian blueberries, twinkling twinkies.
[US]H. Rawson Dict. of Invective (1991) 397: twinkie, twinky [...] a homosexual.
[US]Bentley & Corbett Prison Sl. 61: Twinkie A passive homosexual.
[US]Time Out N.Y. (11th edn) 288–9: Let our gay glossary help you keep everyone...straight. [...] TWINKIES.

2. a young (underage) sex object, whether male or female and seen as suitable for exploitation.

[US]A. Maupin Further Tales of the City (1984) 73: I thought you gentlemen could use a litle refreshment before the twinkies invade.
[UK]T. Blacker Kill Your Darlings 246: Only a fucking pervert would do anything to a little twink or a pre.
[UK]Observer Mag. 15 Jan. 36/3: He claimed he had enjoyed 2,000 of the rent boys he called ‘twinkies.’.

3. anyone considered odd or eccentric.

[US]H. Rawson Dict. of Invective (1991) 397: twinkie, twinky [...] a weird person.
[US]S. Morgan Homeboy 195: You could blow in one of that Twinkie’s ears and the other would whistle.

4. the penis.

Insane Clown Posse ‘Murder Go Round’ [lyrics] on Ringmaster [album] You’re brinky, you’re dinky, you suck my twinkie / I don’t give a fuck if you call me a clown.