Titerito is the diminutive of títere, which literally means "puppet". However, in Puerto Rican slang, it's used to describe a man who is easily manipulated or controlled by a woman, essentially a "plaything" or a "simp".
In the song, the lyrics mention, "Ha teni'o sus titerito'" (She's had her little puppets/playthings), implying that the woman in question has had past relationships where she was in control, making this word a unique and intriguing piece of slang that adds depth to her character.
Get ready to dive into Cosculluela's world with "Tarde O Temprano"! This track is all about confidence and the thrill of the chase, or rather, the lack thereof. Our guy Cosculluela knows he's got a magnetic pull, and he's not afraid to say it. He brags about a woman who claims she wants nothing to do with him, but then "le cae de una, se engancha mis cubana'" [she falls for it right away, she gets hooked on my Cuban chains].
He's pretty blunt about their dynamic: she shows up in the evening and leaves in the morning, and they spend the night "chingando, fumando marihuana" [hooking up, smoking marijuana]. He's so sure of his appeal that he doesn't even have to try, saying "Yo no le tiro, no, yo ni la llamo" [I don't hit on her, no, I don't even call her]. He's always winning, even when "Muchos le juegan" [Many play her]. He even takes a jab at other guys, saying "Los zapatos que tú le compra', ella me visita, en ellos le doy" [The shoes you buy her, she visits me, I give it to her in them]. It's a bold, no-holds-barred look at a player who always gets what he wants, sooner or later.