It is used in conversations and seeks to point out to the other listener something really pleasant, attractive or noteworthy.
The word was first introduced in puerto rico in the year 2008 and has become a regular expresion all troughout the island. It has recently become a popular expresion in sex related situations were the taker asks for the "mozzarela".
"oh papi gimme some more mozzarella"
"hey man that new porshe is the mozarella"
anita: "wow julio those new shoes are great"
julio: "yeah! i just saw them and tought: mozzarella!"