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1.
A condom. In slang, not necessarily a condom made of lambskin, although they can be.
by Hippy on a Bicycle October 22, 2003
15 14
 
2.
A word used for an adorable person, or one that you love.
I'm gonna think of you all day, lambskin.
by Kondziq October 23, 2010
1 5