When you do the traditional run up to your buddy and while making a karate hand and jam it up between there legs in a reverse karate chop.
Effectively chopping their nuts hence the name squirrel chop
*runs up to buddy*
*Performs squirrel chop*
"Squirrel chop!!!"
You must say this to distract from how weird it is that you just put your hand anywhere near your buddies private parts. Also...don't make eye contact.
Just like below except with an opened hand. 👋