Meaning
A young person, especially a young man — but also a friendly term of address between males of any age, much like 'youngster', 'youth', or 'my man'. 'Yow, yute' hails a fellow warmly, whatever his years, and 'di yutes' are the young people of a place, the rising generation. Central to reggae and dancehall's constant address to and about the young — the ghetto yutes, the yutes of today — the word carries both the plain sense of youth and a note of fellowship between men.
Examples
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Wah gwaan, yute?
What's going on, young man?
A common friendly greeting, regardless of exact age.
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Di yute dem a play ball inna di road.
The young ones are playing ball in the street.
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Him a bright yute.
He's a bright young fellow.
Origin
The Jamaican pronunciation of English 'youth', with the 'th' hardened to 't', used as a countable noun for a young person and as a term of address.
How it’s used
Warm and casual. As a greeting it need not literally mean the person is young. Widely adopted into British multicultural slang.