Term used to define your female lover, if you are a female. (in a friend-like way) Term derived from ZeePee, a little known basketball player, when using the term "bu" to a female. He was known for being female-ish, and not spelling words correctly, which is why females use it on other females jokingly. Males using it without the "no-homo" line may seem homo. :)
"Hey bubu, whatcha eatin today in the library?"
"Bubu I missed you!"