The correct Spanish phrase is 'piña colada'. If you've seen the first word without the tilde over the 'n', that is because it was written by someone who doesn't know how to produce the correct letter using their keyboard. The tilde is necessary.
The Spanish phrase means 'strained pineapple'.
It's pronounced '[peen-yuh kuh-lah-duh] (/ˈpiːnjə kəˈlɑːdə/)'.
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