This phrase is an excerpt from the highly acclaimed "
My Humps". The "milk" referred to here is the man juice. The "
coco puffs" would be the colored woman's
bazookas. This phrase would best be used in a sexual context, usually in direction-giving and whatnot.
"put my
milk on your
coco puffs, milky milky coco puffs", as heard in the widepsread phenomena of a song, "
My Humps".