As Gatsby contemplates reliving his past with Daisy, he goes into what Nick playfully calls "appalling sentimentality." Gatsby is steeped in nostalgia and idealism. Nick suggests that Gatsby wanted, not only to win Daisy back but, to recover some forgotten part of himself. That is, Nick thinks that Gatsby also wanted to recover some part of his past self. In trying to relive the past, Gatsby was, in a sense, trying to be reborn. Being reborn, reliving the past, Gatsby intends to go back to a former version of himself (and Daisy) and thus he would be younger; like a child. Being young and full of life; this might tie into the notion of the "pap of life" and gulping the "milk of wonder." There doesn't seem to be any indications of Freudian analysis (Oedipus Complex) here. It seems that Gatsby is simply devoted to the idea of remaking the past with Daisy. And with the associations of the past and "pastness," come images of youth. So, in addition to reliving the past, there is also the general dream of wishing to be younger, or to be young again.
Additionally, the flowery and poetic language of "pap of life" and "mild of wonder" suggest a spiritual or Biblical language. This is the extreme extent of Gatsby's praise of his and Daisy's potential reunion. He is so full of this vision that he gives it characteristics of a new Eden. Even the imagery of the sidewalk rising to the trees (Tree of Life, Tree of Knowledge) suggest Biblical images and a ladder to heaven.
Out of the corner of his eye Gatsby saw that the blocks of the sidewalk really formed a ladder and mounted to a secret place above the trees--he could climb to it, if he climbed alone, and once there he could suck on the pap of life, gulp down the incomparable milk of wonder.
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