From The Collaborative International Dictionary of English v.0.48:

Jubilee \Ju"bi*lee\, n. [F. jubil['e], L. jubilaeus, Gr. ?, fr.
   Heb. y[=o]bel the blast of a trumpet, also the grand
   sabbatical year, which was announced by sound of trumpet.]
   [1913 Webster]
   1. (Jewish Hist.) Every fiftieth year, being the year
      following the completion of each seventh sabbath of years,
      at which time all the slaves of Hebrew blood were
      liberated, and all lands which had been alienated during
      the whole period reverted to their former owners. [In this
      sense spelled also, in some English Bibles, jubile.]
      --Lev. xxv. 8-17.
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   2. The joyful commemoration held on the fiftieth anniversary
      of any event; as, the jubilee of Queen Victoria's reign;
      the jubilee of the American Board of Missions.
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   3. (R. C. Ch.) A church solemnity or ceremony celebrated at
      Rome, at stated intervals, originally of one hundred
      years, but latterly of twenty-five; a plenary and
      extraordinary indulgence granted by the sovereign pontiff
      to the universal church. One invariable condition of
      granting this indulgence is the confession of sins and
      receiving of the eucharist.
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   4. A season of general joy.
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            The town was all a jubilee of feasts. --Dryden.
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   5. A state of joy or exultation. [R.] "In the jubilee of his
      spirits." --Sir W. Scott.
      [1913 Webster]
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