Give some stream of consciousness and then the answer. LOL, or lol, is an acronym for laugh (ing) out loud or lots of laughs, and a popular element of Internet slang. It was first used almost exclusively on Usenet, but has since become widespread in other forms of computer-mediated communication and even face-to-face communication. It is one of many initialisms for expressing bodily reactions, in particular laughter, as text, including initialisms for more emphatic expressions of laughter such as LMAO ("laugh ( ing) my ass off" ) and ROFL (or its older form ROTFL; "roll ( ing) on the floor laughing" ). Other unrelated expansions include the now mostly obsolete "lots of luck" or "lots of love" used in letter-writing.

Based on this passage, lol laugh out loud or lots of love?
The relevant sentence in the passage is: LOL, or lol, is an acronym for laugh (ing) out loud or lots of laughs, and a popular element of Internet slang.
Therefore, the answer is an acronym for laugh ( ing ) out loud or lots of laughs.