The following is the easy way of making it rather than slaving over a hot stove trying not to burn the milk.....we all now how that turns out. You have to try this, you will be amazed at how delicious it really is!!
STEP 1: Peel the label off your can of sweetened condensed milk. You don't want to be cleaning up paper bits in the pot.
STEP 2: Place the can in a pot under at least 1" of water. You do not want the water level to drop below this as your can will explode leaving you and/or your kitchen covered in hot caramel lava. I had the stove set on 4, just a low simmer.
STEP 3: Simmer between 2 and 3 hours. 2 hours for a more runny milky sauce, 3 hours for a thick golden caramel sauce which is what I did.
STEP 4: Be careful when opening the can, it is very hot!! It may be wise to wait a few minutes, I was not so smart :(
STEP 5: Use to top your favourite desert and enjoy!