A person’s buttocks.You bet your sweet bippy they do....
And if that one doesn't fly, you can bet your bippy they'll find a third.
You bet your sweet bippy that we dream.
Origin
1960s: popularized by the US television programme Rowan & Martin's Laugh-In, where it was used as a nonsense word with an air of innuendo but intentionally vague meaning: of unknown origin.