I wouldn't call it popular exactly, but I remember a song (in the '80s) called "Pocket Pool" which was about masturbation too. (I think maybe it was meant to be a double entendre but in the end they gave up on the double entendre part and just wrote about masturbation. It was actually not such a great song IMO.)

Years ago I tried to find the lyrics but googling "Pocket Pool" was of course a mistake.