1 - To talk about something without giving much importance to it. Talk amiably
2 - To lie and exagerate
1- I had some time to burn so I decided to shoot the bull for a while with my dad before i left.
2- A: "I swear to God, my girlfriend is really well off and bought me a Mercedenz Benz"
B: Oh C´mon, stop shotting the bull again.