Again, something different on common items as wordplay.
M is for milk itself
I is for ice cream
L is for licking
K is for kreme’ (cream).
S is for sweet
U is for ulterior motives, maybe used
G is for grand things made with
A is for action
R is for raising cane.
(Note: Kreme could be foreign spelling.) (The apostrophe is also taking the place of an accent mark.)