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1. the cat's pajamas
50's slang for something that is cool beyond imagine.
The new elvis record is the cat's pajamas
by phi Apr 25, 2004 add a video
2. the cat's pajamas
(adjective) term used to describe a person or object in a postive manner. similar to "the bomb" or "the shit", means the object in question is cool.
"that girl over there is totally showing off the goods; she thinks she's the cat's pajamas."
by Mr Bo Jangles Jul 4, 2005 add a video
3. The Cat's Pajamas
Someone who is funny, chill, or awesome in all aspects.
Someone who has swagg.
"Who's that? "
"Oh, thats Armando Mijares, Hes the The Cat's Pajamas. "
4. The Cat's Pajamas
1920s slang... someone or something wonderful or remarkable.

The other definition says it's from the '50s... In the 50s, there was a strong nostalgic fad of everything 1920s, which is why this term may have been thought of as from the '50s.
Ain't she just the Cat's pajamas?!
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