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Drinking, specially champagne.

This expression became famous after Lady Gaga used it on her Telephone lyrics.

It's a metaphorical expression, first because "bub" is a short for bubbles from Champagne, and also because girls nowadays don't sip booze, they just binge.
Lady 1: - Pick it up Gaga, its driving me nuts!
Lady 2: Iā€™m sippin' that bub darling, I cant atm.
by Mr. Gago September 05, 2010
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