this is a mythical condition affecting only those with the ability to bull-shit. This is sometimes brought on by a severe portion of bull-shit brew. It means when ones eye simply cannot keep still, it continues to move around as if by magic, hence the name. This also aids the keeper of the magic dancing eye to hypnotise and lure mmmmmen back to shag-pads for lattes. These dancing eye goddesses are also sometimes referred to ladies in the street but freaks in the bed.
Mmmmman 1: Hey, is she looking at you or me?
Mmmmman 2: Neither, i think you'll find that's a magical dancing eye goddess... i must be with her now!