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chill on it 

1) To mull over in one's mind indefinitely without taking any sort of action. It is normally applied to difficult situations, when the moral or correct choice is obscured or nonexistent.

2) To hang out
1) Bob: Man, I don't know what to do about this...

Steve: Just chill on it, man.

2) Joe: What do y'all want to do?

Sam: Let's just chill on it.
chill on it by Perkster029 January 26, 2009

keep it on the chill 

1 Verb: to keep something on the down-low or to keep it low key.
2 Verb: to stay calm and relaxed - the verb form of chill
1 Yeah man, my parents are out of town and I am having a party. I want it to stay small, so keep it on the chill.

2 I know you're angry that she dumped you, but keep it on the chill man. Another chick will come around soon enough.

Chillonit 

Relax, the definition of the word is implied. The word is just catchy and a compacted version of chill out bro.
"Chillonit bro."
Chillonit by DoubleA12 February 12, 2010