The first and only "female" M&M, the green one, was created in the late 1990s. In this commercial, she walks down the street to many catcalls from guys she passes -- a construction worker, a guy in a convertible, etc.
She rolls her eyes and with contempt says, "Men."
Then a chubby woman turns and says, "I'd like to get my hands on that."
With equal contempt, the M&M says, "Women."
After a whistle, she turns to yell, "Go buy yourself a bag!"
The joke here is that everyone, women included, is attracted to her. It is handled in a neutral way that doesn't insult gays but may be objectionable for overweight people.