That does not sound good. If it has been that way for a couple of days he probably needs to see a vet. There might be some kind of obstruction that is preventing it from retracting into the sheath. Since you have described it as red I am assuming that the penis is sticking out of the sheath. If it has dried out a bit it also will have a difficult time retracting. Take a good luck at it and see if you notice anything that could be an obvious problem. Does your Russell have any other symptom that might indicate some other type of problem?