A newer term that is used as a discrete way of saying you had sex. If you are not comfortable with letting a lot of people know about what you did the other night, chicken bisquit is used as a substitute to make sure your message is clear to the person you are talking about, but confusing to those eavesdropping assholes!
Guy: So how did your night go?
Other guy: Pretty damn good! That chick from the party and I left and make chicken bisquits back at her place!