Australians rejoiced on Sunday night with news Streets had released its iconic Golden Gaytime ice cream in tub form.

A grassroots social media campaign started by Sydney man Jesse James McElroy demanded the company recreate its classic stick treat in a shareable form.

Dubbed the Golden Gaytime Icecream Project, Mr McElroy began posting in July and on Sunday uploaded an image of two purported Gaytime tubs in a supermarket.

“Everybody shut the f--- up... We did it,” he wrote.

“Well actually I did most of it.

“After writing my letter... THEY RELEASED IT (only in 1.25 litre... I guess that will have to do... For now).”

The post has attracted nearly 53,000 likes on the page.

Retailing for $6.99, the 1.25L tubs feature the classic vanilla, biscuit and toffee flavours first immortalised in 1959.

But is the story too good to be true?

Mr McElroy’s personal Facebook page lists a previous workplace as a major Sydney advertising agency, leading to suspicions the social media campaign might have been an elaborate marketing ruse by Streets.

The man sure loves a Golden Gaytime. (Facebook)

No matter how the decision came about, Streets nonetheless have confirmed the release of the beloved ice-cream in tub form.

"We have managed to fit Golden Gaytime into a tub with Golden Gaytime classic and two other new flavours,” the company said in a statement.

“Each is a perfect union of vanilla, Gaytime biscuit crumbs and that unique Gaytime flavour.

“Grab a spoon and treat your tastebuds to this match made in dessert heaven."