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Can mean many things but mostly it means calm down or shill out. It can also be used for no reason eg.
Matt: So yeah and i said to her i dont think its working.
Bob: Chill Yo' Beef!

Or You can say use it for a real reason.

Matt: Oh My God i just whish he would go and die!!
Bob: Woah, Chill Your Beef
by Matt Noblett May 20, 2007
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