Pantsing war left us both naked (and curious)

[PantsDownFun]

This happened when I was 10 years old, the summer between my 4th and 5th grade year. I was having a sleepover with my friend, who I'll call D for the purposes of the story. His family had an RV and his parents gave us permission to camp out in it. We decided to have a pantsing war. We agreed not to pull down underwear, first one to pants the other five times won. We both still wore tighty whities, we both knew that about each other already, both of us only slept in our underwear, and this wasn't our first sleepover, so it wasn't a big deal to see each other in without pants. The only really embarrassing aspect was the loss of pride in losing.
I honestly don't remember who won the first to five, I do know that both of us scored points though. At this point in my life, I didn't quite realize that I was gay or that I liked boys. Looking back, I can say that the first inkling was probably about a year before this, but that's another story for another time. In hindsight, I definitely had a bit of a crush on D. I was the one to suggest that we up the ante, underwear was no longer off limits, in fact the goal was now to be the first one to pull down both the pants and underwear of the other person. D had an early lead in getting my pants down, but I was able to keep him from getting my underwear down, while I pulled his pants down. For half a second, he forgot what the goal was and instead of continuing to try to pull down my underwear, he went to pull up his pants. In that moment, I was able to quickly grab his underwear and pull them down. I was kind of kneeling down, so I was there, right in front of his crotch when his underwear came down. I think my heart skipped a beat. There I was, looking at his penis, probably about two inches long (which isn't bad for someone else who was also only 10), still smooth, circumcised like me. He just stood in shock for several seconds, I'll admit, I was also in shock. I had been stripped before, but I had never stripped anyone else. I had done "I'll show you mine if you show me yours" with a few other boys before, so it wasn't the first time I had seen another boy's genitals, but it was the first time I had seen it because I was the one to cause it. It was exciting. After half a minute he finally snapped out of it and pulled his underwear and pants back up, blushing like crazy. I don't think that he actually thought that there was a chance that I would be the one to win and that he'd be the one who would have to live with the knowledge that the other knew what his penis looked like without knowing what my penis looked like.
I genuinely felt a bit bad for him. I told him, "okay, I'll give you a freebie, I'll lift up my shirt to make it easier for you, pants me, double pants me, do what you want, I'll even let you hold them down if you want." I stood there for a good minute, shirt raised slightly, waiting to see what he would do. I don't think he believed me that I was really going to give him a freebie, but after a while, he walked over to me, kneeled down in front of me, and pulled down my pants, all the way to my ankles. "Are you sure you don't want to double pants me like I double pantsed you?" With that little nudge, he reached up and pulled my underwear all the way down as well. There I was, shirt slightly lifted, so nothing blocked his view of me. Just slightly shorter penis than his, I was just getting my first pubes. As he started staring at me, I felt an excitement that I didn't understand, but it seems my body understood it, because I very quickly got an erection. D started laughing, "why does you dick curve like that?" I had never seen anyone other boy with an erection, so I had just assumed that all boys had erections like mine, having a steady curve from base to tip, such that my tip almost faces straight up when I'm fully hard. "What do you mean? That's 'what happens when a dick gets hard." "No, it isn't" D insisted. "Fine," I said, "what is a dick supposed to look like when it gets hard?"
I don't know what I expected him to say to that, but it definitely wasn't, "pull my pants down again, I'll show you." I don't know why he couldn't just pull his own pants down. Maybe he also got excited by the idea of someone else stripping him, I wasn't going to question it too much though, because I really enjoyed pulling his underwear down the first time. I think I got a little bit harder when I pulled his underwear down again. This time though, he too was hard, pointing perfectly straight, nearly exactly perpendicular to his body. I was a bit captivated by it. Not yet realizing that I was gay and what my feelings really were, I told myself that I was just fascinated by the idea that a penis could take on different shapes, after all, that was what D found so interesting. Now, D actually is straight, so that probably really is what interested him. He was the one who suggested, "now that we've already seen each other's dick, do you want to just go naked for the rest of the night?" I figured, why not, we have indeed already seen each other's dicks, it was a warm night, and I was enjoying continuing to see him naked and didn't mind him continuing to see me naked.
Sadly, it didn't go much further than staying naked for the night and us showing each other various states of hardness. If I could go back in time and relive that moment, I'd hope to have the courage to suggest that we actually touched each other. I think that I'd have come to understand my sexuality much sooner if I had... and I think it would have been a lot of fun to actually have felt another boy's penis. I'm kind of glad though that I can't go back in time to relive that moment, because part of the reason I hold the memory so dear is because we were both young and innocent and truly didn't know what we were doing. We were embarrassed and excited and curious, and most of all, just having fun. If I went back now, with the knowledge I have, I wouldn't be innocent, I wouldn't be experiencing something truly new, I'd be an almost middle age man taking advantage of a 10 year old, even if I was also in the body of a 10 year old. So, I will continue to look back on the memory fondly, sometimes imagining what might have been, but always remembering that it now is nothing but a memory.

[TeenFan]

This movie scene comes very close to what you describe.
Two boys who are eleven look at each other. One boy has an erection.

Novecento 1976
1:06:27 to 1:07:58

https://ok.ru/video/1348031679199

Movie directed by Bernardo Bertolucci.
Big name stars in it are Robert DeNiro, Donald Sutherland, Gerald Depardieu, Burt Lancaster

I used a no subtitle version, since the words got in the way of the visuals.