Chorus
This effect adds the effect of having two voices or instruments playing the same tune, but since they're not perfect, they are slightly out of tune and out of time with each other. It does this by applying a variable-length delay to the audio and mixing the delayed audio with the original audio. An LFO (low-frequency oscillator) controls the amount of delay so that it is oscillates between a longer delay and a shorter delay.
The "Dry Mix" is the original audio, and it adjusts the level of the original audio. The "Wet Mix" is the delayed audio, and it adjusts the level of the audio with the variable-length delay applied to it.
The "Cycle Time" controls how fast the LFO (low-frequency oscillator), which drives the variable-length delay, runs. Changing the speed also changes how far out of pitch and time the "wet" audio becomes. A higher speed causes the LFO to run faster, which means that the "wet" audio is being sped up and slowed down much faster.
The "Minimum Delay" controls how long of a delay the "wet" audio will always have. This prevents the "wet" audio from matching up exactly with the "dry" audio.
The "Sweep Depth" controls how far the delay is allowed to go. Increasing this will also cause the pitch and time to vary more.
The "LFO Waveform Shape" controls how the LFO sweeps across the delay time, either in a gentle sine wave or in a more abrupt triangle wave.