Best definition
A term given to the soft type of thermal material. This material or design closely resembles a typical breakfast waffle.

These shirts, for example, are also known as waffle-knit or waffle-weave thermals. The word waffle is changed to waffly-waffs in order to make it seem more cozy.

Felicia: What kind of shirt are you going to wear today?

Anthony: I think I might wear my waffly-waffs.