1) Noun: a slang term predominantly used to refer to beer.
2) Noun: Depending on the specific situation, can also include other alcoholic beverages that have been fermented such as cider, wine, sake, huangjiu.
Hey bartender, I'll take a glass of your seasonal fermented libation.
Seeing as today is officially the beginning of patio season would anyone be in the mood for a libation of the hops persuasion?
The act of enjoying a fine beverage through the use of a straw.
Wow, she is really enjoying that margarita! She is in a state of tubular libation!