A name given to one who favours the act of anal penetration commonly known as a homosexual. Preferrably, a male would be used for such an insult.
The "Chuff" otherwise known as the "Arse hole" makes up the folling word, "Buster" that is added to complete the hyphonated word, and in effect, the "Chuff" is then "Busted." commonly in an act of homosexual nature.
"Oi, I heard young Davy's one o' them "Chuff-Busters!.."