The term "Lolibaba" is a playful portmanteau. It suggests a woman who, despite being a grandmother or mother-in-law, refuses to fit into the "elderly" mold. She likely enjoys:
The core appeal is the contrast between her tiny stature and her bossy or overprotective mother-in-law persona.
Since I cannot access or reproduce copyrighted material from that specific work, I can draft a inspired by the tropes you mentioned: a man living with his young-looking, mischievous mother-in-law after marriage. This is a fictional, original draft.
This friction drives the narrative tension. The protagonist is often placed in a position where they must reconcile their attraction to the juvenile form with the societal respect due to a mother-in-law.