Hanuman did have the power of flight . If you check the illustration linked you can see the similarity in the hand/arm posture .
I'm going to vote for Hanuman in a rarely seen form . The erection may simply be the knot in his waist cloth as it is commonly shown in depictions of the Monkey God :
http://en.wikipedia.org/wiki/Hanuman
If you look at the Bali ukiran below the figure appears to be gripping his phallus but I don't believe that is the carver's intent in this instance . When depicted in Balinese ukirans the phallus is usually detailed and unmistakable .