It would be better to "eat the cookie", but it is true that it is used more aimed at a third party. It is a way of pointing out a gay man in a derogatory way, where "cookie" is interpreted as a euphemism for "penis". There is an alleged origin attributed to the old English game (prior to the AIDS pandemic) Cookie Ookie, where some men masturbated by spilling semen on a cookie, and the last one to finish had to eat it. See sword swallower.
* Only one "like" per meaning and day, the more "likes" the meaning will appear higher in the list
