Temporary caulking is a transparent caulking specifically designed to be put on a window frame in the Fall and then peeled off in the Spring. It is used to actually caulk old windows, usually sliders, shut for the winter because their weather-stripping just isn't keeping the cold out. Remember you cannot open the window until you remove the caulking, so don't use it on windows you want to open in the winter, or windows you might need for an emergency exit.
In the spring it does peel of easily. If you are having trouble, you can dissolve it with hot soapy water. If the original paint was not in good shape, it might take some paint with it at the same time, so pull it carefully. If you leave it on throughout the summer, it will turn an ugly yellow, so don't be lazy -- one season only.
One interesting development in temporary caulking is that Mulco has brought out a product called Zip Seal'n Peel that has replaced the petroleum solvents with oils from orange rind. This makes the product not only totally non-toxic, but good smelling, and it works just as well as the old petroleum based formula.