Refers to big pussy lips. This expression is based on the fact that big vagina lips resemble the ears of an elephant.
This girl's got babars. It's disgusting. She should go see a surgeon or take some pliers and cut them off.
This expression is mainly used here in the region of Culbec, but I heard it's also used in India, where the Babar character is supposed to be from. The word was probably imported at some point in time.