Yes, that's a Sylvester penis with Tweety Bird balls. It's a bronze work by Daniel Edwards called "Allegory of a Teen Sex Symbol (Justin Bieber)." It's now showing at the Cory Allen Contemporary Art gallery. From their website:
"Daniel wanted to create a work that opens a dialogue about the inevitable exploitation of teen sex symbols as they grow from child stars to adults, like we’ve seen with past celebutantes Lindsay, Miley, and Britney,” said the artist’s representative Cory Allen.
“It would be naïve and hypocritical for anyone to be offended by this simple sculpture, yet be apathetic towards the plethora of images to which they subject themselves on a daily basis,” said Daniel Edwards, “I stand by the work.” Does he shape himself like a penis when he stands next to it?
Edwards' previous work includes naked Britney Spears giving birth, Suri Cruise's first poop, and Ted Williams' dead head.
Previously: Vampire Justin Bieber has air-sex in his "Someday" commercial.