Green’s Dictionary of Slang

lizard n.

also lizzard

1. [mid-19C+] an inhabitant of Alabama [lizards are common in the state].

2. [late 19C+] (Aus./N.Z.) a shepherd, a musterer, a mender of boundary fences.

3. [1900s–50s] (US) an old or useless racehorse, any horse.

4. [20C+] a smooth and highly plausible fortune-hunter or womanizer who works his charms in the lounges of hotels, an adventurer.

5. [1910s+] (US, also lizard-breath, lizard teeth) a contemptible or unlikeable person.

6. [1950s+] (US black) in pl., lizard-skin shoes.

7. [1960s+] (Aus./US) the penis.

8. [1900s; 1980s+] (Aus. / US black) a young woman.

In compounds

lizard-breath/-teeth (n.)

see sense 5 above .

In phrases

bleed the lizard (v.)

1. to urinate.

2. [1990s+] to masturbate.

choke one’s lizard (v.) (also whip one’s...)

[1960s+] to masturbate.

drain the lizard (v.)

[1960s+] to urinate.

flog the lizard (v.)

[1960s+] (Aus.) to urinate.

gallop the (old) lizard (v.)

[1960s+] to masturbate.

give the lizard a run (v.)

[1960s+] (Aus.) of a man, to have sexual intercourse.

milk the lizard (v.)

[1980s+] to urinate.

pet the lizard (v.)

[1970s+] to masturbate.

squeeze the lizard (v.)

[2000s] (Irish) to urinate.

stroke one’s lizard (v.)

[1960s+] to masturbate.

SE in slang uses

In derivatives

lizarding (n.) [the way a lizard basks in the sun]

[1970s] (Aus.) lazing.

In phrases

flat out like a lizard drinking (also flat out as a drinking lizard)

[1930s+] (Aus.) moving or working at great speed.

what’s on the rail for the lizard? [predates sense 7 above, but poss. link]

[1940s] (US black) what have you got to offer? esp. in the context of money, sexual favours and other exciting, if unrespectable, pleasures.

In exclamations