Technically not real caramel, this is a recipe for dulce de leche, which tastes similar and can be used in the exact same way as store bought caramel sauce. But this one you can make at home with only one ingredient.
Seriously, just one ingredient.
One can sweetened condensed milk, not evaporated milk. There is a slight difference.
Take the unopened can of condensed milk, peel off the label if there is one and place the can on it's side and cover with water in a sauce pan large enough to allow the can to be completely under water.
Heat over medium high heat to boil, reduce heat to medium and continue to boil for two to two and a half hours.
Add more water as needed to keep the can under water the entire cooking time.
If the pot boils dry the can could explode and it will be awful.
Remove can from water and cool to about room temperature.
Open the can and pour contents into a small bowl. Whisk with a fork or proper whisk to smooth the sauce out.
Serve over desserts, ice cream, or whatever you usually use caramel sauce for.
Can be reheated briefly in a microwave to make it more willing to pour.
Goes Excellent with: