Basically, it seems as if Buzz Lightyear gets a bit over-excited at watching cowgirl Jessie performing stunts around Andy's bedroom.
Reading between the lines, that's the only possible punchline for the joke.
The video was shared to TikTok and has since been liked more than 284,000 times, meaning that there is probably a significant chunk of people out there who didn't clock onto the visual gag at the time.
Why would they? They were probably innocent children who didn't understand, and certainly didn't expect to see an erection joke stuck straight into a kids movie.
Anyway, in Toy Story 2 viewers were introduced to Jessie, the female character from Woody's Roundup Gang.
In the scene in question, she needs to open the door to let Andy's dog out of the room, so decides to pull off a stunt that Buzz Lightyear himself would be proud of.
She grabs a toy skateboard, goes flying off down a ramp intended for toy cars, flings herself at the door handle, and successfully opens it to free the dog.
All the while, Buzz stands there watching her. Then, after she has performed her aerobatic stunt, his wings pop out and the lights on the end of them start flashing.
The intention is clear.
To be fair, if you're a writer putting together a kids movie that loads of parents and adults are going to be dragged off to see, you might as well slip something in that they can have a knowing chuckle at as well.
Since the video was posted on TikTok, more than 3,000 people have commented on it. Some have suggested their own missed jokes from kids films, but many have chimed in with their recollections of this particular moment.
One person joked: "Buzz got a woody".
Another said: "I just realised, OMG."
A third asked: "Wait, so if that's what Buzz does, what does Woody mean when he says 'there's a snake in my boot?'"
That's a good question.
Another shocked TikToker wrote: "Buzz wants to go all the way and beyond."
Either way, head back through the TV shows and films of your youth, because this is not a one-off. In fact, they're all full of moments like this.
Featured Image Credit: Disney/Pixar