Did you recently have unproteced sex?
Have you any open lesion on the penis head?
Any discharge through penis?
Do you have swelling on penis?
Well, red flaky skin on penis, is usually due to Yeast infection. It can be easily treated with anti-fungal medications. Both partners need to be given anti-fungal medications. It doesnt look like STD. It is always adviced that you should get a clinical examination from your Physician.
I hope this helped.
It can be treated with antinfungal medication like-Clotrimazole ,Diflucan .It has to be used for local application on penis , 1-2 times a day for up to 7 days .Usually such infection get cleared in maximum seven days.
Also Get examination from your doctor.