Answer: ASL

ASL stands for American Sign Language, which is a visual language used by deaf and hard-of-hearing individuals in the United States and Canada. It involves using hand gestures, facial expressions, and body movements to communicate. In ASL, the clue you mentioned refers to a specific handshape and symbol. Making an "L" shape with the thumb and index finger, while raising the pinkie finger, is indeed a common ASL sign that represents the phrase "I love you". It is a widely recognized and used symbol in the deaf community.

Note: The provided meaning of the answer is for the latest New York Times crossword puzzle clue: In which the pinky and thumb pointing out represents Y, in brief. Explanations are generated by AI and may be inaccurate.