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A way to describe one's mother in an offensive type of way yet the true intention of it is, just banter.
Carlo: Hey Bil wanna go play football?
Bil: Yer Oul One!
Silvio: Who ate my butter nut scotch!
Bil: Yer Oul One!
Used to refer to someone you can't remember or don't know the name of, most commonly heard in Ireland.
It can refer to anyone, but it's mostly used to refer to women, as the female equivalent of 'yer man'.
Sometimes spelt/pronounced as 'yer wan'
Person 1: Sure dija see yer one at the pub the other day?
Person 2: Yer man's bird? I thought she was on her holliers
Person 1: Yeh sure she's only gone and fecked off wit yer fella, an' not a word to the poor lad, sure he's heartbroken but i didn't tell you that.
Person 2: sure jaezus, what a slag