Common euphanism used by young males to describe an attractive girl. Usually the term has connotations of the male wanting to see the girl's clitoris (the "pink" referring to the girl's "pussy".) People who use this phrase are usually severely deluded and, similar to those who use the word peg to describe the act of sexual intercourse.
Attractive girl walks by; "Awww man, bit of pink! BIT OF PINK!!"
urban slang to describe having sex, often used by young egotistical males who think that every attractive girl who walks by wants to have sex with them. Will often refer to these young girl as "fitties"!