Green’s Dictionary of Slang

twirl v.

(US campus) to party, to dance.

1988		Eble Campus Sl. Oct. 10: twirl [...] twist – party, go out, dance.
1991		Eble Campus Sl. Mar. 10: twirl – act with a gay flair.

In phrases

twirl the pearls (v.)

(US camp gay) to dance.

1972

B. Rodgers Queens’ Vernacular.