malted milk

from The American Heritage® Dictionary of the English Language, 5th Edition.

• noun A soluble powder made of dried milk, malted barley, and wheat flour.
• noun A beverage made by mixing milk with this powder and adding ice cream and flavoring.

from the GNU version of the Collaborative International Dictionary of English.

• noun A milkshake made with malt powder; also called simply a malted.
• noun A powder made of dried milk and malted cereals.

from Wiktionary, Creative Commons Attribution/Share-Alike License.

• noun A powder made by mixing malted barley, flour and milk, the mixture then being dried by evaporation; initially developed as a nutritional supplement, later used as a flavouring.
• noun US, Australia A milkshake with malted milk powder added for flavour, a malted.

from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.

• noun powder made of dried milk and malted cereals
• noun a milkshake made with malt powder