Literally translates to "I am laughing because I just now remembered that butts exist," but meaning depends on usage- can be an insult, a compliment, an observation or a question.
Frank: "Hey, I just joined a frat."
Paul: "lol butts"
Shawna: "Do you like my new haircut?"
Paul: "lol butts"
Paul: "lol butts"
Steve: "I agree."
Paul: "lol butts"
Steve: "No, we lost it a few weeks ago."
Paul: "lol butts"
Shawna: "Do you like my new haircut?"
Paul: "lol butts"
Paul: "lol butts"
Steve: "I agree."
Paul: "lol butts"
Steve: "No, we lost it a few weeks ago."
by Gus November 11, 2004
Velvet: so guys, does anyone have anything nonfaggy to vsay? it would make me rather happy and excited.
MrAnon: butts lol
MrAnon: butts lol
by The Almighty Beav October 15, 2006
by BBC DADDY I LOVE POP January 19, 2019