It can mean any of these
1)you will a take the person out for a nice meal .
2)you will treat the person nicely in return of a favor that he/she did
I Helped you fix your bike and therefore "you owe me a treat !"
Females looking at the male genetalia as revealed by the bulge in a sportsman's clothing
Cycle race...'He's got a big one there'....Oh you're willy watching again!
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