Don't worry Will, Uncle Miltown is here to give you something to chill out and stop slapping people during award shows.
I'm not sure if anyone will get this reference. The guy on the left is Milton Berle, a comedian who endorsed a prescription tranquilizer in the 50s/60s called Miltown, and he was nicknamed Uncle Miltown
Actually, don't think Will Smith is a dick, just playing off of the story about Milton Berle.
There it is. There are tons of stories of Milt happily showing off his manhood to whomever was interested. Also a joke that whenever there was a bet on who had a bigger schlong, he would take out just enough to win.