pepsi's the inferior counterpart to coke. Someone's pussy tastes like pepsi cola when they're a side chick, always one step below the main girl (coke). This word came from Lana Del Rey's infamous song: Cola, which opens with her saying: "my pussy tastes like pepsi cola"
example 1: she wants us to make things official. Little does she know she has a pepsi cola pussy.
example 2: He said he was gonna leave his wife for me, but I just saw them at the park. I guess my pussy tastes like pepsi cola