Making homemade caramel couldn't be easier with this recipe. Simmer a can of condensed milk until it's reduced by half and turned to a golden brown hue. The result is a rich, caramelized cream similar to dulce de leche. Use this recipe to make our Pumpkin-Gingerbread Ice Cream Sandwiches.
Milk caramel can be refrigerated in an airtight container up to 2 weeks.
For a cinnamon-scented milk caramel, add one cinnamon stick to the sweetened condensed milk and simmer as instructed. Remove and discard cinnamon stick before beating caramel with a wooden spoon.