Definition of "ole"

Harry Hooper living in No. 10 / He bought a toupee and glued it to his head / "It looks very natural" everybody said / But then his wife said "Toupee, isn't that a French word?" / And Harry said "Ole!" / She said "That's a Spanish word." / And he said "O.K., can't tell the difference these days."

1979, The Boomtown Rats (lyrics and music), “Nothing Happened Today”, in The Fine Art of Surfacing