Green’s Dictionary of Slang

queen bee n.

[play on SE]

1. in gay uses [queen n. (2a) + SE bee but ? abbr. bitch)].

(a) a woman who likes to surround herself with young men, who may or may not be homosexual.

[US]W. Burroughs Naked Lunch (1968) 101: Queen Bees are old women who surround themselves with fairies to form a ‘swarm’.
see sense 1b.
[US]B. Rodgers Queens’ Vernacular.

(b) as sense 1a but of a man, usu. homosexual himself.

[US]Guild Dict. Homosexual Terms 38: queen bee (n.): (1) The central figure in a group of homosexuals; usually, but not always, an auntie (q.v.) with money, an entourage, and numbers (sex partners). Frequently he is elderly and, most always, an agreeable person. (2) The term is also used for a normal woman who likes the company of homosexuals.
[US]K. Marlowe Mr Madam (1967) 25: I was loved by the boys who worked for me [...] I was the Queen Bee.
[UK]J. Hayes ‘Gayspeak’ Quarterly Journal Speech LXI 256–66: In the social setting people are not only typed by the usual distinctions [...] but by [...] rank within the subculture (queen bee: social arbiter, nelly number: effeminate and insignificant).
[SA]K. Cage Gayle 90/2: queen bee n. wealthy older gay man who surrounds himself with pretty young gay men, and holds court.

2. (US black) the woman with the largest breasts in a group.

[US]Ebonics Primer at [Internet] queen bee Definition: the woman with the largest breasts in a group Example: Yo ma nigga, dat ho’s da queen bee in dis crew, ya dig?