Dulce de Leche candy is a traditional Central and South American favorite. This rich, creamy caramelized milk candy has only one ingredient and is very simple to make, but it does require a significant cooking time.
As an alternate method to that described below, a reader has told me that you can make this in a pressure cooker by covering the can with water and cooking it for 30-40 minutes. I don't have a pressure cooker so I haven't tried it, but if you have one it could be a very valuable short cut!
1. Place the can of condensed milk in a large saucepan that extends at least several inches over the top of the can. Fill the saucepan with water, being sure to cover the top of the milk can completely.
2. Place the saucepan over medium heat and allow it to boil for eight hours. Check the water level every 30 minutes, and add additional water when necessary to ensure that the can is always fully covered with water. It is very important that the can remain immersed in water, otherwise it could rupture and cause damage or injury.
3. After eight hours of continuous simmering/boiling, carefully remove the can from the heat. Allow it to cool at room temperature.
4. Once the can is completely cool, open both ends and gently push out the solidified caramel. Using a hot, sharp knife, slice the caramel cylinder into rounds, and cut each round into 6 wedges.