Green’s Dictionary of Slang

(US) a privy, an outhouse.

1959

W. Burroughs Naked Lunch (1968) 200: If you all will, excuse me I got business in the Privy Council.

the vagina; cit. 1833 puns on SE privy counsellor, a private advisor, i.e. to the vagina.

1664		C. Cotton Virgil Travestie (1765) Bk I 25: When on Groundsel, / He firkt her Mother’s Privy-counsel.
1833		‘The Smutty Chimney Sweeper’ in Regular Thing, And No Mistake 81: So well I did some night-work for Mrs. Chintz, the gown-seller, / She said if I were not a sweep, I should be a privy counsellor.

the vagina.

c.1702		Perin del Vago Discovery of Three Imposters 5: You knowing that common Whores have a Wolf in their Privy, you use only to admire their Bubbies.
1890–1904		Farmer & Henley Sl. and Its Analogues IV 399/2: The pudendum [...] privy-hole; privy Paradise.

(gay) a homosexual who seeks sex in or around public lavatories.

1941		G. Legman ‘Lang. of Homosexuality’ Appendix VII in Henry Sex Variants.
1965		Guild Dict. Homosexual Terms 37: privy queen (n.): A male homosexual who frequents public toilets in search of trade.