The second term is computed by multiplying the global ambient light (as defined by the GL_LIGHT_MODEL_AMBIENT parameter) by the material's ambient property (GL_AMBIENT's values as assigned with glMaterial*()):
ambientlight model * ambientmaterial
Each of the R, G, and B values for these two parameters are multiplied separately to compute the final RGB value for this term: (R1R2, G1G2, B1B2).
OpenGL Programming Guide