Moises Aries and Jaden Smith commonly use this word on Twitter. No one knows the definition yet but heres what Moises posted on his tumblr.
Real G Talk...
G:Ayyyy G?! What's Been TitSipNipTit ??
OG:G Status, Ya Know Yungin'? Steady On The Tips Of The Sips... You Nippin'?
G:Oh That's Tits! YUUPPP!! Been BAK So Sip Ya Know?