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1
For the stovetop method: Remove the label from the can of sweetened condensed milk.
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2
Place 3 to 4 forks upside down on the bottom of a large 6- to 8-quart pot.
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3
Place the unopened can on top of the forks and cover with water by a few inches.
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4
(The forks help to prevent a vacuum between the bottom of the can and the pot.)
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5
Place the pot over high heat until it reaches a simmer, then lower the heat to medium-low or low to maintain a steady simmer for about 3 hours.
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6
Add more water to the pot if necessary to ensure that the can is submerged at all times.
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7
Let the can cool to room temperature in the water before removing.
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8
Open the can and scoop out the contents.
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9
The dulce de leche should be dark and caramelized.
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10
For the oven method: Preheat the oven to 425 degrees F. Place a shallow baking dish in a roasting pan.
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11
Pour the sweetened condensed milk into the baking dish and cover the dish with foil.
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12
Transfer the roasting pan to the oven and add enough hot water to reach halfway up the sides of the baking dish.
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13
Bake until the dulce de leche is dark and caramelized, 60 to 75 minutes, checking the water level occasionally and adding more if needed.
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14
Let cool, then whisk until smooth.
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15
Transfer the dulce de leche to an airtight container, put plastic wrap directly on the surface and refrigerate for up to 2 weeks.
