Piola is Argentine and Uruguayan slang meaning “cool,” “pleasant,” or “good,” rather than its more literal sense of “shrewd” or “clever.” In the song, “vos conmigo la pasabas piola” means “you had a good time with me,” making this a memorable regional expression for learners to discover.
Two best friends slept together and now one of them wants out: "De mejores amigos / Pasamo' a ser amantes" (From best friends, we went on to become lovers). The singer offers to step away, "Si querés me despido / Aunque duela alejarme" (If you want, I'll say goodbye, even if it hurts to walk away), but he also sets a rule: "Entonces no me llames si tú novio se va" (So don't call me if your boyfriend leaves).
The chorus asks for one more night before the end, "Hagamos que esta noche dure toa' la vida" (Let's make this night last a whole lifetime), and then admits the joke was on him: "De boludo me enganché, no lo sabía / Que lo nuestro no era amor" (Like a fool I got hooked, I didn't know that what we had wasn't love). The verse is pure Rioplatense Spanish, with vos, querés and slang like piola and boludo.