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Better than "good" and "good shit", or even "good lollipop". It is good to the third degree. Not to be confused with a crap flavored candy on a stick, good shit lollipop (correctly spelled with an "i" not a "y")is a compliment of the highest magnitude.
Ex.1 - Shirley Temple: "It's the good shit lollipop..."

Ex. 2 - Kevin: "Hey Rasheed, that chick had a really monster booty, didn't she?"

Rasheed: "Daaaammmnnnn, that is the good shit lollipop!"
by Kvegas February 15, 2008
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