Step 1: Understanding the structure of penis.
The penis consists of three erectile tissues: two corpora cavernosa and one corpus spongiosum. Step 2: Formation of glans penis.
The corpus spongiosum enlarges at its distal end to form the glans penis. Step 3: Elimination of incorrect options.
Corpus callosum is a brain structure.
Corpora cavernosa form the main shaft but not the glans.
Corpus albicans is related to ovary. Step 4: Conclusion.
Therefore, the glans penis is a derivative of the corpus spongiosum.