The Collaborative International Dictionary of English v.0.48:

Loll \Loll\ (l[o^]l), v. i. [imp. & p. p. Lolled (l[o^]ld); p.
   pr. & vb. n. Lolling.] [Cf. Icel. lolla to act lazily,
   loll, lolla, laziness, OD. lollen to sit over the fire, and
   E. lull. Cf. Lill, Lull.]
   1. To act lazily or indolently; to recline; to lean; to throw
      one's self down; to lie at ease; as, to loll around the
      house on a lazy summer day.
      [1913 Webster +PJC]

            Void of care, he lolls supine in state. --Dryden.
      [1913 Webster]

   2. To hand extended from the mouth, as the tongue of an ox or
      a log when heated with labor or exertion.
      [1913 Webster]

            The triple porter of the Stygian seat,
            With lolling tongue, lay fawning at thy feet.
                                                  --Dryden.
      [1913 Webster]

   3. To let the tongue hang from the mouth, as an ox, dog, or
      other animal, when heated by labor; as, the ox stood
      lolling in the furrow.
      [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Loll \Loll\, v. t.
   To let hang from the mouth, as the tongue.
   [1913 Webster]

         Fierce tigers couched around and lolled their fawning
         tongues.                                 --Dryden.
   [1913 Webster]

WordNet (r) 3.0 (2006):

loll
    v 1: hang loosely or laxly; "His tongue lolled" [syn: droop,
         loll]
    2: be lazy or idle; "Her son is just bumming around all day"
       [syn: bum, bum around, bum about, arse around, arse
       about, fuck off, loaf, frig around, waste one's
       time, lounge around, loll, loll around, lounge
       about]