Well...."loly" is just a lollipop. In that context, they use that word here in Chile to replace “pico” in that sentence, because a lollipop could be…related to a penis...(if you want to, anything could resemble a penis (ask Freud), specially if you suck it, like a popsicle, sorry I don’t mean to offend anyone…)



So “el día del loly” is just as “el día del pico” or “copi” (reversing the order of the syllables serves the purpose of avoiding the bad word, it is just like saying freaking instead of f---ing you see?) and “el día del pico”, as many people have already answered, is nothing more than “the day of the penis”, something very unlikely to be celebrated so if you’re waiting for “el día del pico” you better grab a chair ‘cause you’re gonna be waiting for a loooong time.



That is why Allende said “El día del pico me sacan de acá” meaning that he’ll never be removed from La Moneda (And he was, so, 9/11/1973 = día del pico, interesting…)

I found a Chilean website once that said “El día del pico realmente existe!” (Penis day really exists!) ‘cause some Chilean blogger found out that the day of the penis was actually celebrated in I don’t remember where, so it seems that he was very excited about it.



Anyhow, to say “el día del pico” is very, very vulgar, you rather say something like “el día del níspero” (níspero =medlar, I have no idea why) or “el día del ñauca/ñauco” that's probably a Mapuche voice.



In a nutshell:

"xxxxxxx will take place "el día del pico" means that xxxxxx will take place in a distant day that most likely will never come.



Hugs! Viva Chile!