Since I'm considering adding this one to the 'not quite copyright safe' section of my programme, here are some findings.

Carnavalito is a kind of dance and the accompanying songs originating from what is now Bolivia and the northern provinces of Argentine, including the province of Jujuy where the Quebrada de Humahuaca (Humahuaca Valley) and the city of Humahuaca are located. Pre-dating both the Spanish invasion and all those pesky amps, the dance is performed by a row of dancers circling around a group of musicians. According to Edmundo Porteño Zaldívar (h.) himself, the moves are

1º Círculo - 2º Alas - 3º Puente - 4º Círculo II - 5º Molino - 6º Canasta - 7º Círculo III - 8º Rueda - 9º Calles - 10º Desarme - 11º Volteretas - 12º Caracol y final.

The good news is that there are many carnavalito songs out there, and some of them are at least as good if not equally well-known worldwide.

Also, the proper title for this song is El Humahuaqueño, as there's a different song titled Carnavalito even in the list of E. P. Z.'s works alone.

Cholo seems to mean "of mixed racial descent", used both as an insult (so watch your tongue!) and, in Andes, as a term of affection. This makes chola "a mestizo woman", and cholita "[my dear] mestizo girl".

Now, cholitay is special. They say that this -y is a Quechua suffix meaning "my" that made its way into the kind of Spanish spoken in the aforementioned regions. Therefore, 'mi cholitay' seems to be an error as it would sound as "my my little girl" to a native, er, Quechuañol speaker. The right use of the -y is found, e. g., in another carnavalito called Hasta otro día: 'Yo no te ofrezco grandezas, viday' ("I don't offer you grandeur, my life").

As the closest I've ever come to learning Spanish was a two-semester course in Classical Latin, I don't dare to offer a translation but hope these scraps of knowledge might help someone with greater skills.

Any leads to places where more carnavalitos or other South American songs may be found would be greatly appreciated, too. Should anyone be interested in Hasta otro día lyrics, I'd be glad to share the version I've got.