Phil is right; "cauallero" is a normal spelling of "caballero" in early modern Spanish, and "el del Cauallero" means "el Salto del Cauallero", with "salto" understood from "el Salto de las muxeres" immediately before this. He's not right about "salto del caballero" being so called because of a horseman leaping across a canyon, but it's a reasonable guess.

This passage is from an early chronicle of the fifteenth-century conquest of the Canaries by Pedro Gómez Escudero, who was one of the original conquistadores. As indicated by "MORALES 1993" at the end, the quotation is taken from the transcription of Gómez Escudero's text by Francisco Morales Padrón in his Canarias: Crónicas de su conquista (Las Palmas de Gran Canaria: Ayuntamiento de Las Palmas & Museo de Canarias, 1993). The passage occurs on pp. 417–18 of Morales Padrón's edition, which is fortunately available online here:
http://mdc.ulpgc.es/cdm/ref/collection/MDC/id/1619

As Morales explains in his introduction, this text by Gómez Escudero is obscure and omits words. To make matters more difficult, the text Morales is editing is a late-seventeenth-century copy of Gómez Escudero's original manuscript (which is apparently lost), made by Tomás Arias Marín de Cubas. And as if that were not enough, the text you have has introduced further errors in copying the printed edition by Morales, which reads:

"i este el de el Cauallero"
instead of
"i este e el del Cauallero".

("De el" for "del" is again normal in early modern Spanish.) I think we can translate "el Salto del Cabellero" as "The Knight's Leap", and this phrase as "and this one is called 'the Knight's Leap'".

El Salto del Cabellero is Tirma, and it is called that because a noble guanche "caballero" (knight), on foot, not on horseback, seeing that he could not avoid capture, jumped off this "alto risco" to his death. The "Salto de las Mujeres" is another rock from which a girl and her mother similarly jumped to their deaths to avoid capture. Here's an account which clarifies this:
https://books.google.es/books?id=82kNAwAAQBAJ&pg=PA139&lpg=P...

The daughter had long hair, and according to Marín de Cubas's account the mother wound it round her own arm and they jumped together, even though the mother could have escaped:

"«… vieron salir de una cueba dos mugeres huiendo por sobre unos riscos, la una era madre algo anciana, y la otra su hija mui hermosa de mucho cabello, y rubio con unos faldellines de pieles y lo demas desnudo como en todas se via, estas viendo llegar a querer suvir el risco tras ellas, arrojaron tantas piedras que mataron a un soldado, y hirieron a muchos a la suvida del risco de Tirma, mas viendo la resistencia dos castellanos suvieron rodeando otro camino por unos andenes bien peligrosos y pudiendo la mas anciana huir y escaparse volvio sobre la mosa que se ponia en defenza y pareciendole imposible escapar de cautiverio desembolviole el cavello largo a la mosa y dandose dos bueltas al brazo derecho con el se arrojo del risco abajo traiendosela consigo se hisieron pedasos y oi llaman el Salto de las Mugeres. Hubo otras canarias que buscando leña fueron sentidas de castellanos, y tambien se derriscaron…».
http://toponimograncanaria.blogspot.com.es/2012/07/mujeres-r...

Well, how does the next bit fit in? It doesn't make sense as it stands:

"por onde se arrojaron (i llaman) el Salto de las muxeres, i este el de el Cauallero eran doncellas en [...] de cabello largo [ilegible] andaban buscando leña”

It's a bit garbled, and clearly a chunk has been missed out and another bit is illegible. According to Marín y Cubas, who saw the original, the bit about the hair applies to the daughter and her mother and the wood-gathering applies to the "otras canarias" who also jumped. You can't do much about that except translate what it says. But the main thing is that Gómez Escudero's text was evidently unpunctuated (which is quite normal in the period) and there should be a full stop after "Cauallero", like this:

"[...] i este el de el Cauallero. Eran doncellas en [...] de cabello largo [ilegible] andaban buscando leña"

Which you might render like this:

"[...] and this one is called the Knight's Leap. They were maidens in [...] with long hair [illegible] were looking for firewood"

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Note added at 13 hrs (2017-08-03 01:31:47 GMT)
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Sorry, I've put "Cabellero" instead of "Caballero" in a couple of places.

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Note added at 23 hrs (2017-08-03 11:29:36 GMT)
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It's a pleasure, Lorna. I really enjoy this sort of thing (as you can probably tell).