Lolita is a reference to Lolita by Vladimir Nabokov. In the novel, an adult becomes sexually obsessed with a twelve year old girl. Quite a stunning example of 20th century literature. However, in recent times, the term has become more or less shorthand for the object of underage desire.
Coincidentally, it could also be a nickname for Dolores, as that is how the name Lolita derrives, but its highly unlikely in this instance.
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