Means something is chopped, stems fom man it's chopped like celerey, ants on a log homie. Ants on a log refers to a snack in which pieces of celery are cut into pieces and served with peanut butter and raisins on top. The celery symbolizing a log and the raisins ants. This use of the term however signifies that something is no longer going to be paid attention to, is over, is lost, essentially is chopped.
Yo are you still going to Germany for study abroad? Ants on a log dawg the financial aid didn't fall through.