"Penis! Look, Mom, a PENIS!"
I looked at the screen, and see the part at the beginning where the caterpillar walks across the screen and BURST OUT LAUGHING!
I can totally see what he's saying!
He seemed a bit upset that I laughed, but I had to - there was no holding it in! 
I searched all over the Internet and couldn't find a shot - so I'll try to remember to take a pic later today. But, for now, this one will have to suffice: