It is for me :P It's apparently short for toodleloo.
Here's what it says in "The Oxford Dictionary of Modern Slang" by John Ayto and John Simpson (Oxford University Press, Oxford & New York, 1996): : : TOODLE-OO int. Also tootle-oo. Brit. Dated. Goodbye. Also toodle-, tootle-pip. 1907- Standard. Toodlepip to the poor British Exec (1983). Origin unknown; perhaps from 'toot' noun, short blast on a horn.
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Here's what it says in "The Oxford Dictionary of Modern Slang" by John Ayto and John Simpson (Oxford University Press, Oxford & New York, 1996):
: : TOODLE-OO int. Also tootle-oo. Brit. Dated. Goodbye. Also toodle-, tootle-pip. 1907- Standard. Toodlepip to the poor British Exec (1983). Origin unknown; perhaps from 'toot' noun, short blast on a horn.