The Collaborative International Dictionary of English v.0.48:

Lollipop \Lol"li*pop\, n. [Perhaps fr. Prov. E. loll to soothe +
   pope a mixed liquor.]
   1. A kind of sugar confection which dissolves easily in the
      mouth. [Archaic] --Thackeray.
      [1913 Webster]

   2. Hence: A piece of hard candy, often of discoid shape,
      attached to the end of a handle of wood or hard paper by
      which it is held in the hand while being licked; -- it is
      popular with small children.
      [PJC]

WordNet (r) 3.0 (2006):

lollipop
    n 1: ice cream or water ice on a small wooden stick; "in England
         a popsicle is called an ice lolly" [syn: ice lolly,
         lolly, lollipop, popsicle]
    2: hard candy on a stick [syn: lollipop, sucker, all-day
       sucker]