a showy, usually cheap, ornament; trinket; gewgaw.
2.
a jester's scepter.
Origin: 1275–1325;Middle Englishbabel, babulle < Old Frenchbabel, baubel, derivatives of an expressive base with varying vocalisms; compare Old Frenchbaubelet,bibelot
Usual US name: Christmas ornament a small, usually spherical ornament made of coloured or decorated material which is hung from the branches of a Christmas tree
3.
(formerly) a mock staff of office carried by a court jester
[C14: from Old French baubel plaything, of obscure origin]