The abbreviation of bullshit. Much easier to shout or spit when you're putting down the man! Or in everyday conversation.
Also 'I call bullsh' - Meaning to say if one of friends makes an outlandish statement that you don't believe.
Dude: I'm so sick of the prices of these bus tickets, it's so bullsh!
Dude: So I left the club with the hottest chick there.
Man: Pfft, I call bullsh!