Slang Jon Stewart often uses for the flu or common cold.
Based on the way he pronounces it (tongue-in-cheek Godfather character accent) it's probably the plural form of the Italian word 'bubbone,' a swollen lymph node characteristic of bubonic plague. It probably developed as slang for an infection because bubonic plague is so infectious. Stewart probably picked it up growing up in the NJ/NY area.
"I have the bubons again. It's the second time in three months. Let me say this to anybody out there with children at home: buy an autoclave."
These are hair follicles growing around the ring (aka “the pink quarters”) of the nipple. They can grow to disgusting lengths and despite folklore can grow on women’s boobies. It is not quite a boob, not quite your pubs but it’s your “bubes,” the name for your nipple hair.
Bobby: "Hey you really need to trim your bubes."
Jill: "Oh I know you like toget lost in my bubes."
The few sprouts of hair found on a woman's tit. Very rare, however in some cultures it is considered very sensual so much that women will put ro-gain on their papilla before they go to bed.
Tim: Nice Bubes
Sandy: Thanks, my family has a long line of women with bubes.
Tim: That's hot