Hey, this is what I have found from www.urbandictionary.com. I think now, shawty means a beautiful lady.
"A term orginating in Atlanta that, in the beginning, referred to a short person or child, but the span of the word has grown to include any and all people, especially a girl that is attractive; it is mostly used as a term of endearment to others or just a way of addressing someone, like 'Wassup Man,' Instead of "Man", shawty is used."
NOTE: Can be shortened to "shawt" or "shawtdawg".
"Waddup Shawty, when you coming over?"