The word is mainly used by people from different ethnical groups. Often used in Norway. Non- racist means.
1. It's used in the meaning like " damn homie". It's a way of mocking somebody, but not in a bad way, more in a funny way.
2. Can also be used in terms like when you see a nice car, an expencive watch etc.
1. A couple of guys telling " Yo Momma"- jokes:
Amin: Your momma so hairy, she got afro on her nipples.
Other guys: " Ollløø"
2. "Ollløø homie, that sure is a nice whip you got there!"