It's a lollipop filled with LOL's. It could also be pictured as a circular figure with LOL appendages. Used generally in text conversations and when an LOL simply doesn't cut it. Lawlziepop also trumps LMAO or ROTFL.
Person A: i just scratched my ear and it sounded like a lightsaber.
Person B: LAWLZIEPOP!
the lawltrain is far superior to both the roflcopter and the lolplane. it laughs so hard it flies into the sky and kills all of the roflcopters and lolplanes and from there proceeds to take over the world