1. A sex act most commonly performed in the morning (hence the breakfast connection) or before an arduous task in which a woman positions her outer labia over the mouth of her lover while the lover is still sleeping, slightly gyrating or "waffling" over the lovers mouth, feigning suffocation, but in fact intended as a loving and pleasant wake-up call.
With syrup refers to when the woman doing the waffling has either recently had sperm inserted into her vagina, is ovulating and hence, very slick, or bleeding (see "on the rag")
2. The outer labia of a woman's vagina that is slick with moisture from some form of bodily fluid
This morning, I had set my alarm for 7am, but Kenesha beat me to the punch by serving up a heaping helping of her homemade waffles with syrup. I needed two napkins!