Dulce de leche in Spanish or doce de leite in Portuguese, a milk-based syrup
Dulce de leche can be used any time a sweet caramelized sauce is appropriate. You can spread it on toast, fill pastries, flavour ice cream, float it on hot or cold drinks or eat it by itself as a...
Duel-seh deh leh-cheh
Mmm. Caramel candy. My high school Spanish says "DOOL-say lay LAY-chay".
Candy of Milk is the literal translation, but we would describe it as caramel.