So this here is the victory lap
Then I'm leavin', that's how you get me back

from Jay Z – Encore Lyrics on Rap Genius

Meaning

The victory lap is a term used in races that indicates the last lap of a race in which the first one has a big lead and receives the cheers of the crowd while he drives around. In the following lines, Jay explains how to get him to start rapping again; with hindsight we know Jay Z would come back on his own.

Also, the way Jay pronouncing the word “leaving” is a shout-out to John Denver’s famous song “Leaving on a Jet Plane”

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