A penis may be straightforwardly sexual; or may symbolize power of energy: sexual, spiritual or cosmic. (In religious iconography the erect phallus symbolizes either divine fecundating energy present in the cosmos and emanating from some immanent but indescribable Ultimate Reality, or the spiritualizing of sexual energy by the disciplined yogi.)
The penis is the ultimate symbol of the power of the masculine principle of doing and action. This can have sexual connotations as well as an expression of primal productivity.
A woman dreaming of having a penis is connecting deeply to her inner masculine on an archetypal level.
The same is true for a man, but without the archetypal meaning.
The universal symbol of the male, the penis represents energy, vital force, sexual power, and fertility. One’s sexual energy or matters of orientation may be at issue, depending upon the gender of the dreamer. (See also Genitals).
It’s not very frequent that the form of the penis itself appears in a dream. Normally it appears camouflaged under phallic objects. The clear appearance of this masculine organ is such a conclusive sexual affirmation that if it provokes fear or distress, the dreamer should reflect on their attitude toward sexuality. (See PHALLUS)
Procreation, power, aggression. That which penetrates, impregnates with ideas. Masculinity; feelings about body, sexuality.
If seen through second or sexual chakra awareness, penis is given more emphasis and power than warranted. See Genitals, Vagina, Male, Female.