Lyric discussion by falcotron 

Cover art for Pimmelmann lyrics by And One

I fly over mountains and valleys If you fly naked, you have to I see you sitting there by the lake And swirl in your bladder tea

I am a hero - a Superman Who can do a lot more besides swirling I help ladies over the dam Before I give them my ---------

The kids really like me The cops are looking for me even more But if you can't find me Call out loud to Penisman

I am the Penisman (Penisman) If you can't find me Call out loud to Penisman

What I get out of my pocket Are mostly rubbers (or Gummis) and alcohol I like to help young and old No matter who the hymen pops

The Penisman will never go His buddy will stand for years He will still delight your grandson Does he want the soap ... oh

Translation

I didn't handle the missing words well at all:

In the last line, "Will er sich nach der Seife ... oh", the missing word has to rhyme with "entzücken", so you immediately think "bücken", which means "bending". On top of that, the position in the sentence structure is different in German than in English. So what this actually means is more like:

Your grandson will be delighted by him When he's [bending over] for the soap

And bending over for the soap has the same connotation in German that it does...