It's an acronym such as Lol but with the meaning of Lots/Loads of pussy.
A- Last night was lit!
B- Yeah? Did you have fun?
A- Sure, there were lop for everyone! It's such a bummer you couldn't be there.
( Ëâ¢Ïâ¢Ë )
B - I know, I promise I'll be there with you next time.