This is the 9937th most frequent German word.
olly
"Olly" is not a standard German word. It might be a name or slang.
Here, 'Olly' is used as a proper noun—a name, referring to a person who is enjoying certain types of cookies.
Olly mag gerne Schokoladenkekse.
Olly likes chocolate cookies.
In this context, 'Olly' refers to a skateboarding trick where the board and rider jump into the air.
Beim Skateboardfahren hat er einen beeindruckenden Olly gezeigt.
While skateboarding, he performed an impressive olly.
Here, 'Ollys' is the possessive form of 'Olly' (denoted by the apostrophe 's' in English) showing ownership of an item or relation to the friend.