ocotzotl.

Headword: 
ocotzotl.
Principal English Translation: 

liquidambar (the source of an aromatic resin) (Alejandro de Ávila Blomberg, personal communication); fat wood resin, pine resin, or turpentine (see Molina and Karttunen)

IPAspelling: 
okotsotɬ
Alonso de Molina: 

ocotzotl. resina de pino o trementina.
Alonso de Molina, Vocabulario en lengua castellana y mexicana y mexicana y castellana, 1571, part 2, Nahuatl to Spanish, f. 75v. col. 2. Thanks to Joe Campbell for providing the transcription.

Frances Karttunen: 

OCOTZO-TL pine pitch, turpentine / resina de pino o trementina (M) [(1)Tp.168,(2)Zp.125,179]. See OCO-TL, TZO-TL.
Frances Karttunen, An Analytical Dictionary of Nahuatl (Norman: University of Oklahoma Press, 1992), 176.

Attestations from sources in English: 

tiquinmacaque yn quahuitl yvan in ocotzotl ynic quichiuhque acalli yn Españoles = we gave them the wood and pitch with which the Spaniards made the boats.
James Lockhart, We People Here: Nahuatl Accounts of the Conquest of Mexico, Repertorium Columbianum v. 1 (Los Angeles: UCLA Center for Medieval and Renaissance Studies, 1993), 290–291.

in oxiutl, in ocotzoiotl = the turpentine, the resin (central Mexico, sixteenth century)
Fr. Bernardino de Sahagún, Florentine Codex: General History of the Things of New Spain; Book 6 -- Rhetoric and Moral Philosophy, No. 14, Part 7, eds. and transl. Arthur J. O. Anderson and Charles E. Dibble (Santa Fe and Salt Lake City: School of American Research and the University of Utah, 1961), 125.

"ocozotl, which is pine resin"
Digital Florentine Codex, Book 2, f. 11v. https://florentinecodex.getty.edu/search?term=ocotzotl&view=text&filters=

Liquidambar resin "was used to add a distinctive balsamic flavoring to the first pipe of tobacco Aztec Emperor Moctezuma shared with Conquistador Hernando Cortés. Spanish physician and New World explorer Francisco Hernández became an early convert to its value, claiming it had a range of healing properties. He claimed it was effective in treating gonorrhea and diphtheria, was a pain reliever and a sleep aid, and that it 'relieve[d] wind in the stomach.'"
W. Kerrigan, "The Most Dangerous Tree in the Suburbs: The Sweet Gum," The American Orchard, 25 April 2014, https://americanorchard.wordpress.com/2014/04/25/the-most-dangerous-tree...

Attestations from sources in Spanish: 

"Usan para sahumarse, de un xochiocozotl y de cópale y, para echarsebizmas para algún frío, usan de la resina del pino que ellos llaman ocozotl. Es cosa muy buena y probada."
https://nwn.dhinitiative.org/search-archive/node/902