Peel the paper off of the can and place in a saucepan filled with enough water to cover the can by 1”.
1 Can Sweetened Condensed Milk
Place over medium high heat until the water boils. Reduce to a simmer then just keep an occasional eye on the water as some will evaporate, adding more if needed.
Simmer for 2 hours for a light caramel color, but we prefer 2 1/2 to darken it (even up to 3 for an extra dark color.
Oven Method
Preheat the oven to 425 degrees.
Pour the sweetened condensed milk into a pie dish and cover tightly with foil, pinching the sides shut.
Place pie dish into a deep pan filled with water 1” deep.
Bake for 2 hours, then cool completely and whisk to remove any clumps.
Notes
Dulce De Leche can be stored in a jar with a lid, in the refrigerator for a couple of weeks.