This article's content is accurate to the most recent public game version, 0.4.8d.
"A cherry-flavoured Cola with a cute lil' girl as a mascot."
Using Loli Cola restores 75% of the user's MP, making it a very powerful item on par with, or even surpassing, Lume Elixirs for a few characters (like Alice.) On the other hand, characters with fairly little maximum MP like Veronica will not benefit nearly as much.
Loli Cola can be found in the Cafeteria freezers every three nights, on rotation with Gob-Gob Pudding and Questionable Alcohol.
Trivia
This item originates from Magical Camp's sister game, Little Bitch Academia. Presumably Marianne imports it from LBA's world to the camp dimension.