What is Mutts Nuts?
1.
1) A more pre-watershed friendly version of 
2) Dog testicles.
3) To be the best example of its kind.
"The mutts nuts are going to be castrated"
"I am the mutt's nuts when it comes to drinking."
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2.
something that is very good
more polite version of 
Man that was the mutts nuts
3.
Polite version of 
Thanks for dinner Mrs x, I thought those
meatballs were the mutts nuts.
Nice car Mr x, The bentley really is the mutts nuts of motoring isnt it ?
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