From an alternate timeline in a 2003 Supergirl storyline by Peter David, this bizarre variety of Kryptonite apparently turned straight Kryptonians temporarily and stereotypically gay; it was seen in just one panel, with Superman giving flattering compliments to Jimmy Olsen about his wardrobe and decorative sense. It spoofs the more "innocent times" of the Silver Age (Lois Lane is depicted in this story as not understanding what's gotten into Superman)
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Taken from the Wikipedia article on Kryptonite.
And yes, he'd probably dance on that.