Lyric discussion by NewDawnFades 

the velvet underground/nico album artwork was meant to look phallic. that's why it has the "peel slowly and see" arrow next to the banana peel. everybody who bought the album in the sixties was expecting to see a big penis underneath the banana, but instead you get just a pink banana.

Yeah but the pink banana is kinda penile, so there's the joke. Warhol, you scamp!

An error occured.