Combination of "jello" and "lol." It has been speculated that this is the expression Bill Cosby uses in text messages as well as internet forums.
P_Rash: Did you see that episode of Mad TV where Aries Spears made fun of Cosby?
B_Cos: Yea jellol
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In the daytime, this pair is never seen together. A tall, curly haired, basketball lovin’ fella and his sporty, semi-popular, douche girl. But there’s something about them that only few know. Because they have a secret. Modern-day Romeo and Juliet of middle school, they are!
Imagine not shipping Jelloll, could never be me