This code using get_sub_field in the loop gives me the exact same results as the code above.
<?php
if(get_field('testlabel'))
{
echo '<ul>';
while(has_sub_field('testlabel'))
{
echo '<li><a href="' . $url . '" class="wpaudio">' . $title . '</a></li>';
}
echo '</ul>';
}
?>
