Dry, flaky skin on penis, appears in small round patches around the head & excess flaky skin below head. Not itchy/burning or red. What could this be?

Penile dermatitis. There are too many possibilities to make an educated guess. Most genital rashes are not STDs, and this doesn't sound like one. Best to see a doctor sooner rather than later. Start with your personal physician, or perhaps a dermatologist. Good luck.