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1.
1. Unicorn excrement.

2. Ice cream with Nerds™ (or some other epic tangy candy) sprinkled on top. The most accurate use of the word occurs if the ice cream is also rainbow sherbet in addition to the candy.
Let's go down to Ice Cream Towne and buy us some Grade A Unicorn Poo.
by Sethy Seth December 21, 2010