What do you or will you teach your children to call their genitals?

We're going to do penis/vulva (since technically, the vagina is just the vaginal canal and not the labia, urethra, etc. surrounding it). Some friends of ours taught their kids to say bits, and then this happened and they were at a loss:

Toddler: I want that drink!
Mom: Your daddy's drinking the last bit.
Toddler: *covers groin with both hands protectively* NO, HE CAN'T DRINK MY BITS!