Chicano term of endearment, usually adult to child (or junior in years) for a go-getter with no real intended meaning related to gang culture.
Similar to little man, young warrior, or tiger.
From warrior context of CHOLOroot.
"Ay, CHOLITO, where you going so fastlike Speedy Gonzalez?"
"Oh, pobre CHOLITO, que paso? Looks like it's time I show you some moves to defend yourself.
And it's chotto (ちょっと) not choto and choto does not mean a person of Japanese descent nor does it mean a person of Asian descent who acts "crazy like a Japanese person".
Choto is used in a few Spanish speaking countries like Spain and Argentina and the meaning varies from a man's penis to someone being stupid to something being of bad quality.