They ask
If I could do it again all over again, would I do it?
Yeah, I'd do it all over again
But do it way better
I love this life

from Lil B – February's Confession Lyrics on Rap Genius

Meaning

Many people (probably his fans) ask him If he would do this all over again if he had the chance?

Lil B would gladly do it all over again, only do it better. He would gladly redo his own life and try to make it better.

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