It's Milky Way's 'pool filled with caramel' spot, and boy is it dumb.
First of all, this seems like the sort of thing that anyone in attendance would have noticed before the swimmers got started. Second, I don't think the caramel would make the noise the commercial makes (another Smurfy-cartoonish sound, I'm really not picking these commercials based on that). Third, it really makes me wonder about the advertising genius behind this commercial. Did they think they were doing anybody any favors here? Were they hoping to get letters of thanks, saying 'Dear Mr. Genius Advertising Executive, I wanted to thank you for your helpful ad campaign to keep idiots like myself from trying to host swim meets at my pool filled with caramel. We were just about to dump the 50,000 gallons of the stuff into our Olympic-sized pool when your commercial came on. The swimmers were saved! Not to mention the pool cleaners. We all decided to go out and buy boxes of your product.'