Started off as a two person
role play joke, with one person pretending to be a perverted lord, and the other pretending to be
the exploited young squire.
Usually it is just some back and fourth comedy using
medieval talk, but can be used to call someone a young squire too.
There are also memes now.
Lord: Aww
young squire, would you accompany me to my
chambers again this evening.
Young Squire:
My lord, I am not sure this will help me become a knight.
Lord: Haha, so naive, my young squire.