Used when parting in a light-hearted or casual manner, not a deeply emotional goodbye. Great party, but I must love you and leave you now, folks!
Pro Tip 2/3
Not Literal
'Love you' in this phrase doesn't usually imply deep affection; it's a friendly sign-off. Alright mate, gotta love you and leave you, catch you next time!
Pro Tip 3/3
UK Origin
Knowing that it's commonly used in the UK can help identify with the culture and usage. As they say here, I'll love you and leave you. Have a good evening!