This subject might be more of a physics subject rather than chemistry. First of all, it's important to realize that there are in general two groups of multipole expansion: multipole expansion of
charge distribution and multipole expansion of
current distribution. To go further you must go through the related chapter which I don't really recommend if you are only interested in the practical aspect of it. Anyway, I hope this link
http://www.pas.rochester.edu/~dmw/phy217/Lectures/Lect_20b.pdf can give you a more graphical picture about multipole expansion for charge distribution, especially in the first slide bottom part where there are 4 different charge configuration. The left most one is the so-called monopole, as we go to the right: dipole, quadrupole, and octopole. They are just the first 4 of infinite number of expansion terms, however as we go to higher terms, the contribution to the expanded quantity (e.g. electric potential) will usually die down and we can simply take the first few terms.
The same goes for current distribution which will generate magnetic multipole expansion. Likewise there are also monopole, dipole, quadrupole terms and so on, however it had been shown that the monopole term for magnetic expansion is always zero, leaving the dipole term to be the most important term in the expansion.
As you see there are electric dipole moment and magnetic dipole moment, but sometimes the first word is dropped and is assumed to be known form the context being discussed.
The dipole moment mentioned in this context must be the electric dipole moment. But of course one can also calculate the magnetic dipole moment of an atom or molecule.