I have lost 35 pounds and found over an inch more penis, if I lose another 25 pounds I will probably gain another inch or so. There has been no loss in girth.
I have noticed when I get back into running which is usually in the spring my sex drive goes up and my erections get a lot harder. Their are days I'm cumming 4-5 times which is definately more than normal.
Your cock won't get bigger if you lose weight. It only might look that way because you don't have your gut obscuring the view. The thinner (smaller) your body is, naturally the larger your cock would look. So would your head.