The Collaborative International Dictionary of English v.0.48:

candyfloss \candyfloss\ n.
   a candy made by spinning sugar that has been boiled to a high
   temperature; -- called commonly cotton candy.

   Syn: spun sugar.
        [WordNet 1.5]

WordNet (r) 3.0 (2006):

candyfloss
    n 1: a candy made by spinning sugar that has been boiled to a
         high temperature [syn: cotton candy, spun sugar,
         candyfloss]