Genie, I wonder where this "Colit" comes from but I can assure you that it's no French (Colit sounds like "colite" = "colitis"), there must be a typo. "Colin" would be more accurate. The usual version is with Colas -yes, it's short for Nicolas
"lolo" is baby talk for "milk". By extension, "lolo" is slang -but nice slang- for "breast" (ex: elle a de gros lolos = she has big breasts)