a term used for cotton candy flavored weed. It gives you a different kind of high that is indescribable and totally worth the extra $40
man 1 "do you got any pinkwater left?"
man 2 "I do but im not going to give it to you because its so good."
Refers to either a laughter-filled sporting-match between an aging humorist and a pro-football player (both wif da same first name, by da way), or an equally-uproarious round of friendly verbal sparring between said two Daniels.
Depending on whether a "Drinkwater vs. Pinkwater" competition involved muscles or brains, either of them might have a comparable chance of being da winner.