When a heterosexual couple are having sexual intercourse, with the woman, who is menstuating, is riding on top, and the man ejaculates. After a moment she dismounts and the combination of blood and semen mixed on the erect penis simulates a barber pole.
Last night I was so fucking horny, I couldn't care the old lady was on the rag, so when I blew my load into her she got off and I had a barber pole.
Referencing a lawsuit concerning Bernard Madoff and allegations of cocaine trafficking, the term 'North Pole' applies to a place where there is abundant cocaine use. This draws attention to the similarities between cocaine and snow and references the fact that the north pole is, obviously, quite a snowy place.
"Hey, man, can I score some blow?"
"Of course! You know it's the North Pole up in this bitch!"