This phrase/run-on word is used At the end of cell phone conversations between married people or people who have been in a relationship for a longer period of time. Usually the person is on a hurry to get off the phone.

""
Honey can you pick up milk and eggs on your way home?"
"Yes dear, okiloveyoubye
by tjccc June 25, 2014
Get the okiloveyoubye mug.