The act of putting syrup, whipped cream, chocolate, caramel, or any other sugary substance into one's anus then proceeding to lick and/or eat the substances out of the person's anus.
Male 1: Last night I had a bunch of syrup and whipped cream, so guess what me and my girlfriend did?
Male 2: Sugar Lipz?!?!
Male 1: Awww yeaaa