1) An attractive, cute looking girl with small breasts; A girl who is "delicious flat chest". The girl in this case does not have to be any particular age, but she is usually in her teens or early 20's.
2) A cute, good looking female anime character who has small breasts. Can be any age really... and no one can ever tell in anime anyways...
3) A young, cute (not as in hot, unless you're a pedophile) girl.
4) A person who is known to like lolicon or fap to lolicon
1) "Damn... dude... you see that cute loli over there? She's got one delicious flat chest..."
2) "Dude, Konata is such a hot loli..."
3) "Aww... look at the little loli on the swing over there..."
4) "Dude, I watched Ichigo Mashimaro and then Lucky Star, and now I'm totally a loli!"