Recipe: One Ingredient Caramel
This is a recipe I have been reluctant to make in the past. So early warning, this recipe contains a very high amount of lactose and is not appropriate for people with lactose sensitivity.
One Ingredient Caramel:
One can (397g) sweetened condensed milk
As promised, only one ingredient. Pour the sweetened condensed milk into a small baking pan or heat safe container.
Cover in tin foil and bake in another container with about an inch of water at 425°F or 220°C for 1 1/2 - 2 hours or until mixture turns a golden brown. There may be a thin layer of skin on top. You can either skim it off the top or blend the mixture to get rid of the chunks.
Mixture will thicken to more solid as it cools.
A few notes, I have seen this recipe by boiling the closed can of sweetened condensed milk, but in leaving the can closed, there is a chance of it exploding, which can cause quite serious injury. I didn't want to take that chance, so I went with this method.
Also, this mixture is more like dulce de leche than caramel. If you want true caramel, my recipe for homemade caramels is amazing.