When you pull out of a girls ass and smear cum and shit all over her cheeks.
Me:"Why does your bedroom smell like shit?"
Friend:"I was banging my girlfriend's ass last night and gave her a caramelized onion! "
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Something which seems to be good at first, like a caramel onion at first appearing like as a caramel apple, which then turns out to be bad or disappointing when you engage with it, like when you bite into a caramel onion and find out that it is not, in fact, a caramel apple.
Diablo IV is a caramel onion.
Not sleeping for 34 hours straight is a caramel onion.