IN THE COMMENTS: AllenS said:
It's the universal sign for the onion ring.That's a reference to my old onion rings post — more here — where I said "the 'O' of an onion ring is a vagina symbol." Which is why I'm saying now that the salute looks like it means "fuck me." It's a way to say "here's my vagina," just like the upraised middle finger means "here's my penis."
When rotated 90 degrees forward and oscillated, The Big Jerk Off.Paging Chip Ahoy. Remember when he did that thing to my vortex on Melrose?