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1.
Another word for the female Nipple.

Used probably due to its resemblance in shape to said baby's toe.

Used in the movie Superbad by Evan when admiring a cover model's tits.
Seth: Look at those nipples.
Evan: They're like little babytoes. It's just not fair that they get to flaunt that stuff, you know... and like, I have to hide every erection I get.
Evan: Just imagine if girls weren't weirded out by our boners and stuff, and just like wanted to see them. That's the world I one day want to live in.
Seth: You know what I do? I flip my boner up into my waistband. It hinds it AND it feels awesome. I almost blew a load into my bellybutton.
-quotes taken from imdb.com
by krzn August 23, 2008
 
2.
A reference used to describe unusually large, erect female nipples.

Inspired by usage in the film "Superbad" by Jonah Hill's character, Seth.
"Dude, your mom's nipples are like baby toes !"
by Lightning Balls September 17, 2007