JAILBAIT (pronounced "jayl" - "bayt") Noun-
An attractive underaged girl who you'd like to bang. But if you get caught banging her you'll go to jail, so she's the bait that lures you into the jail cell, hence the term jailbait. Is similar to a lolita, except the term jailbait only applies to an attractive underaged girl that you want to bang, while a lolita is an attractive underaged girl who also wants to bang you
examples;
R. Kelly's next concert is gonna be in cellblock 4 cuz' he got caught messin' with jailbait.
Guy #1: Hey man, look at that girl over there she's really cute, I'm gonna go kick some G to her.
Guy #2: Naw man, that girl looks like she's about 14. She's fuckin' jailbait, dude