adjective, nippier, nippiest.
chilly or cold: morning air that feels a bit nippy.
sharp or biting; tangy: This cheese has a good, nippy taste.
Chiefly British Informal. nimble; agile.

1565–75; nip1 + -y1 Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
nippy (ˈnɪpɪ)
adj , -pier, -piest
1.  (of weather) chilly, keen, or frosty
2.  informal (Brit)
 a.  quick; nimble; active
 b.  (of a motor vehicle) small and relatively powerful
3.  (of the taste of food) biting, sharp, or pungent
4.  (of a dog) inclined to bite

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Word Origin & History

1898, in reference to a "biting" chill in the air, from nip (v.) + -y (2).
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
They are clean, quiet and provide nippy performance.
He was almost unfailingly alert and playfully nippy, still magnificent, if
  thinner than before the accident.
If the weather's a bit nippy, select a book from the library and curl up by the
  fireplace in the living room.
During the winter months, when northern cold fronts extend their grip south, it
  can get downright nippy.
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