Put 'em in a cereal bowl
In Alabama, then I holler out "Cheerio"

from Travis Barker & Yelawolf – Funky Shit Lyrics on Rap Genius

Cheerio’s are a type of cereal.

Cheerio is also an old-fashioned way of saying goodbye.

Note the triple syllable rhyme scheme (with assonance, and Yela’s accent):

Cheer rhymes with cer
Rio rhymes with eal
o rhymes with bowl

Cereal bowl/Cheerio

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