"Cheers" is a party song with a swagger problem, in the best way. El Rabbanito opens by talking to his mom: "Mami, te dije que sería una estrella" (Mom, I told you I'd be a star), and promises "tu casa la pondría más bella" (I'd make your house more beautiful). Then the flex: "Lo que aprendí no lo aprendí en la escuela" (What I learned, I didn't learn in school). Street smarts over a diploma, and he says it like a toast.
From there it is pure high life. He is in Las Vegas getting happy, he flips the switch on a Lambo (a Lamborghini), and he throws in some French with "Oui, oui, si ando en París" (Yes, yes, if I'm in Paris). The title comes from "Haciéndole cheers" (making a toast), a nice example of Mexican Spanish borrowing an English word and treating it like its own. Watch out for "lana", which is Mexican slang for money (literally "wool"), and "de a montones" (by the heap, loads of).
The second verse gets darker and more corrido. Sirens go off, he is doing "ciento ochenta por la carretera" (a hundred and eighty on the highway), and he would rather be "primero muerto que atrás de las rejas" (dead before behind bars). He shouts out Culiacán, Sinaloa, the city in northwest Mexico that sits at the center of this music scene. "Traigo la corta" means he carries a handgun ("la corta", the short one), and "bien pixelado" is slang for being very high. It is a song that brags hard, so enjoy the slang and take the lifestyle with a grain of salt.