The Collaborative International Dictionary of English v.0.48:

Jollity \Jol"li*ty\, n. [From Jolly: cf. OF. joliet['e],
   jolivet['e].]
   Noisy mirth; gayety; merriment; festivity; boisterous
   enjoyment. --Chaucer.
   [1913 Webster]

         All now was turned to jollity and game.  --Milton.
   [1913 Webster]

         He with a proud jollity commanded him to leave that
         quarrel only for him, who was only worthy to enter into
         it.                                      --Sir P.
                                                  Sidney.

   Syn: Merriment; mirth; gayety; festivity; hilarity.
        [1913 Webster]

WordNet (r) 3.0 (2006):

jollity
    n 1: feeling jolly and jovial and full of good humor [syn:
         jollity, jolliness, joviality]