The following blog post addresses the confusion and summarizes the actual history of the series. Boku no Pico OVA 3: Separating 2021 Rumors from Reality
To avoid confusion, here is the official release schedule of the original project: Boku no Pico (September 2006) OVA 2: Pico to Chico (April 2007) OVA 3: Pico x CoCo x Chico (October 2008) boku no pico ova 3 2021
Audio clips and screenshots from the OVA are frequently used in "bait-and-switch" memes, where a seemingly innocent video suddenly cuts to footage from the OVA. The following blog post addresses the confusion and