In a homecoming dress
With some matching pink panties, lipstick from my granny

from Tyler The Creator – Seven Lyrics on Rap Genius

Meaning

A continuation of the kanye reference from sierre leone. “Homecoming” and “Diamonds from Sierre Leone” won a grammy at the 48th grammy awards. Kanye accepted the award in a lavender and pink silk like suit.

This is a possible reference to a scenario of Tyler’s dream of winning a Grammy

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