Literally translates to "I am laughing because I just now remembered that butts exist," but meaning depends on usage- can be an insult, a compliment, an observation or a question.
Frank: "Hey, I just joined a frat."
Paul: "lol butts"
Shawna: "Do you like my new haircut?"
Paul: "lol butts"
Paul: "lol butts"
Steve: "I agree."
Paul: "lol butts"
Steve: "No, we lost it a few weeks ago."
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used on the friend society as an ice-breaking term, or a conversation starter.
Velvet: so guys, does anyone have anything nonfaggy to vsay? it would make me rather happy and excited.
MrAnon: butts lol
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A white girl asking a big black guy to come do 69 on her and cum on her tits
White girl: daddy come fuck me in the butt lol bitch
Black guy: ight hoe
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