Originates from England, and is related to the expressions "lovely jubbly" and "jubjub".
Of the three, only "lovely jubbly" is a positive expression. Jubbly and jubjub both refer to someone being stupid, annoying, blond, clumsy, or dumb.
"Don't invite her, she's such a jub".
"Haha! Did you really just walk into that sign you jubbly?"
"ARGH! You are SUCH a jubbly!"