Source : Webster's Revised Unabridged Dictionary (1913)

Taffy \Taf"fy\, n. [Prov. E. taffy toffy.]
   1. A kind of candy made of molasses or brown sugar boiled
      down and poured out in shallow pans. [Written also, in
      England, {toffy}.]

   2. Flattery; soft phrases. [Slang]

Source : WordNet®

taffy
     n : chewy candy of sugar or syrup boiled until thick and pulled
         until glossy