An abbreviation, short for "Look at That Butt". Usually used when a girl consists of above average or higher quality butt. Can also be used on any occasion and/or female.
12 step recovery jargon referring to someone new who talks about how great life is, now that they'resober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.