This trick is called the Pop 'n' Fresh. And it's kind of like the Boingy Boingy, as you're popping the yo-yo. But it's a little different in that you utilize a different kind of mount.
We start off with a split bottom mount, and like the Boingy boingy, you come down with your left hand, and you come around twice. Actually it's in a Mach Five mount. And from there you're going to pop up the yo-yo, and when you pop up the yo-yo, you're going to cross your arms, right over left. And it goes right back to the split bottom mount. And from there, you pop it again and go in the reverse direction, right over left. And right back into it. And this is repeated, over and over.
And to dismount, you basically unravel the yo-yo, take your fingers out, and have it come back. And that's the Pop 'n' Fresh.