To Viviana

Hello all,
I'm currently translating a few scenes from a TV production of "Moll Flanders", and I need your help with something:
Mr. Richardson and Mr. Baggot discuss the beauty of little miss Flanders over dinner, while she's serving it (yes, I'm a feminist).
Baggot says: "Well, indeed, a very fine young woman", and Richardson replies: "Aye, She's the toast of all the town". What exactly does he mean by "toast of all the town"? Her being what? - the town's top babe? the town's choice? the one that everybody fantasize about? the one that everybody talks about?
Thanks.

from cambridge dictionary:

the toast of (OLD-FASHIONED)
The toast of a particular place is a person who is very much admired there for something they have recently done:
Not so long ago Viviana was a little-known actress playing in a provincial theatre - these days she's the toast of New York/the town.

(from Cambridge Advanced Learner's Dictionary)

In a toast, drinkers raise their glasses and drink to the name of someone of significance. At a formal dinner, the Loyal Toast will remember the Queen. At a wedding, the toast may be to the couple. In other words, it's a compliment to the success of Viviana.