It is a head with one arm. The two slashes show the movement of the arm. So it's a way of waving someone as goodbye.
It has been around for more than 10 years but isn't used very frequently.
Often the shorter version o/ is used instead.
Frank: I g2g to bed now.
Lee: Okay, sleep well. Bye o//
Frank: o//
The hour in video games where Japanese players are the most active. Expect to get absolutely destroyed by players who are 10x above your skill level.
Friend 1: "Man, we're getting absolutely destroyed by the enemy team every game now!"
Friend 2: "It's more than likely Japan 'o Clock at the moment."
Someone who is a literally freak of every second of every day.
John - "Bro I just wanna eat somebody's booty out..."
Jeffrey - "Dude, you're a literal freak-o-path. Get help."
A Hawaiian bird that's probably extinct.
P1: Have you heard of an o-o?
P2: No, what's that
P1: I dunno either, but it has a funny name.