Fave (noun)

1. A person or thing that is especially liked or preferred.
2. A preferred item or option.

Origin:

Shortened from the word favorite.

Examples:

1. Her fave color is pink.
2. He always orders the same dish at the restaurant, it's his fave.
3. She's always been my fave actress.
4. He's my fave player on the team.
5. Their fave ice cream flavor is mint chocolate chip.