1) Happy, cheerful
2) Brightly colored
Oh... wait, did I forget something?
Was there supposed to be a third definition that had something to do with homosexuality?
Sorry, but no. There's already at least one proper term for that, along with several improper and offensive ones.
So how about we stop ruining perfectly good words by attaching unnecessary sexual connotations to turn them into something dirty. There's enough gratuitous sexualization in this world already.
Girl #1: "Wow, I'm feeling so gay today!"
Girl #2: "Wait... don't you mean lesbian?"
Girl #1: "No, stupid, I mean I'm happy. It's got nothing to do with my sexual orientation."
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