1 can sweetened condensed milk
Peel label off of can. Put unopened can in a pan and cover with water. Put lid on and cook at low boil for 4 hours, making sure the can is always covered with water. After 4 hours, remove from water and cool. If using immediately open can and stir well, adding 1 teaspoon vanilla. Refrigerate after opening or store on shelf unopened. Enjoy as a dip for apples or other fruit, or as a sauce for ice cream.
Another alternative is:
1/2 c. (1 stick) butter or margarine
1/2 c. mild honey or light corn syrup
3/4 c. brown sugar
1 can Eagle Brand condensed mlk
Mix syrup/honey, butter and sugar. Bring to a boil and boil hard 2 minutes, stirring well - it likes to scorch. Stir in the 1 can Eagle Brand milk; mix well and heat through. Keep warm in a crockpot set on low. Easy to store in jars in refrigerator; rewarm slowly. Excellent on vanilla ice cream also.