In a tv version, the boys are wearing underwear as they run from Cherry Forever's house. In the theatrical version they cover themselves with their hands.
The ending credits in the theatrical version run on the right side of the screen, while the left side of the screen shows the ending scenes with Pee-Wee on the bus. In the television version, the ending bus scene runs full screen (and less cropped) before the ending credits. The scene is toned down for television. The final "Jeez!" audio is gone, now he just shrugs. Because the scene is less cropped, the shrugging is barely noticeable because the shot isn't focused on him.
In some television versions, there is a scene where all of the guys are talking in the back of the truck on the drive up to Porky's. Pee-wee tells the guys he is wearing a letterman sweater because girls go for athletes and he is reminded that High School athletes don't even get in to Porky's.
In the theatrical version, on the "beaver shoot", the whole time the other guys are staring at the naked girls, Pee Wee is blocked by a fat girl who constantly bends over, showing Pee Wee her large rear end. Finally, Pee Wee yells, "God damn it, would you move your fat ass?!", ruining the whole shoot. In the TV version, you don't see the fat girl, and she is not mentioned. Then Pee Wee yells, "Move it!", ruining the whole scene and making it nonsensical.
VHS releases of the film are open-matte and reveal more nudity in the Cherry Forever scene than theatrical or DVD releases. It is, however, important to remember that the nudity in this scene was never intended to be shown, and is simply a result of the video transfer.