Sweetened Condensed Milk
Label removed from can.
A tall pot that will not run out of water - but I still check.
After 2 hours (and cooling) you have light Dulce de Leche. Boil up to 4 hours for the darker style.
It makes a great sauce for a variety of desserts.
Perfect for marbling brownies. The white is Mascarpone frosting.
It makes sinfully good butter cream frosting.
I have even used it in the center of molded chocolates.
Dulce de Leche is the favorite sweet for much of Latin America, although it tends to be served rather simply. I suspect that is because so much of it is consumed with just a spoon.
The tl;dr - Boil an unopened can of sweetened condensed milk in a water bath for 2 - 4 hours.
The long version? See above.
Tips: Don't forget to remove the label first. The water must cover the can at all times. If it runs dry the can will explode.
My Version: After making the Dulce de Leche and letting it cool, I warm it up again and add butter and cream to make more of a butterscotch sauce.
Click on the image to see the step by step gallery.