My apologies to Sameer (Never knew it'd come to this).
Well, Yaaram seems to be a word in Afghani, and may well have come there from Persian. In fact this could be the root of the common Hindi-Urdu word Yaar (common informal word for friend).
So ending the suspense (if there was any), Yaaram means a beloved, a lover, and my guess would be, even a friend. As for reference, there is a popular song called Bewafa Yaaram (unfaithful lover) in Afghani, by Ahmad Zahir.
For the translation of the song Yaaram of Ek Thi Daayan, check HERE.
For All Lyrics and Meanings related to Ek Thi Daayan, CLICK HERE.