I say it's CAR-mul, with a barely audible short "a" sound in the middle. Like it's meant to be. The way most honest and wonderful people say it. The pronunciation that reflects the buttery goodness of it. That conjurs images of homemade waxed-paper bundles that create feelings of safety and world harmony.
Some very weird people and advertisers say CARE-a-mel, which is just so wrong on so many levels that I stress out just thinking about it. Which makes it sound like something concocted in the back room of a local Wal-Mart, for mass distribution to area Kwik Trips.
Which one are YOU?