This happened recently and was my first time masturbating with another guy. I'm not gay, but I really enjoyed the experience.
I went over to my friend Pete's house for a sleepover. I've known Pete a fairly long time, but had never seen his cock or even talked to him about masturbation.
So we were in his room, just doing normal stuff: talking, looking at his CDs, just stuff like that. We'd just been swimging, so all we were wearing were boardshorts. His parents were out. Then we started talking about sexual stuff, and girls, and he asked me if I masturbated a lot. I said 'hell yes', and he said he did as well.
I saw he was getting a boner through his boardshorts, and I began to get one as well. I think he saw this, so he asked if I would mind if he masturbated right now. I said sure, and that I'd like to as well.
He took off his boardies to reveal a raging hard 7.5 inch cock. He was also quite hairy, and he was cut. I slid mine off. I have a 6.5 incher, and I'm uncut. I'm also not as hairy as him.
Although I'm not gay, the sight of his massive hairy cock really turned me on, and I'm pretty sure I turned him on. We were standing within a metre of each other, beating our hard members. He went up behind me and I felt his hand slide up my leg. It felt so good. He asked if he could masturbate me. I said sure.
I lay down naked on his bed, and he slowly rubbed lotion all over my chest, moving slowly down until he eventually reached my stiff cock. It felt unbelievable to have another guy rub my cock, and he worked me slowly for about 5 minutes, before it was too much and and I released my cum all over his hands.
I was panting and he could tell I enjoyed it. Then I moved towards his cock and returned the favour. It felt awesome to have his huge piece of meat in my hands. He was panting with pleasure, and only took 2 minutes before he exploded with cum.
We both hopped into the shower together and washed each other off. We did a lot more things that night, and ended up sleeping in the same bed naked, cuddling up to each other.