For slightly improved spacing displayed and inline, you can use \ooalign. The code is
\newcommand{\twprod}{\mathbin{%
\ooalign{\raise1.15ex\hbox{$\scriptstyle\sim$}\cr\hidewidth$\times$\hidewidth\cr}%
}}

If you will ever use the symbol in a subscript or superscript, \mathchoice allows for greatly improved spacing in scriptstyle. The height of the \sim is easily adjustable by changing the 1.15ex for display and inline, .85ex for script and (though I can't imagine using it) .65ex for scriptscript.
\documentclass{article}
\newcommand{\twprod}{\mathbin{\mathchoice%
{\ooalign{\raise1.15ex\hbox{$\scriptstyle\sim$}\cr\hidewidth$\times$\hidewidth\cr}}%
{\ooalign{\raise1.15ex\hbox{$\scriptstyle\sim$}\cr\hidewidth$\times$\hidewidth\cr}}%
{\ooalign{\raise.85ex\hbox{$\scriptscriptstyle\sim$}\cr\hidewidth$\scriptstyle\times$\hidewidth\cr}}%
{\ooalign{\raise.65ex\hbox{$\scriptscriptstyle\sim$}\cr\hidewidth$\scriptscriptstyle\times$\hidewidth\cr}}%
}}
\begin{document}
$S^2\twprod S^2\quad F_{S^2\twprod S^2}$
\end{document}