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1 can (370 ml) condensed milk (label removed)
Remove label from condensed milk
Place unopened can of condensed milk into a deep pot.
Add enough water to submerge the can completely. The water level should be at least 1 inch above the can.
Bring water to boil, and then turn it down to a simmer.
Simmer, covered for 2-½ hours, making sure to check the water level every 20 minutes. Add more water if the water level drops below the height of the can.
Keeping an eye on the water level is crucial. If the water level remains below the height of the can for too long, it could explode under pressure.
After 2-½ hours, take pot off the heat, and using tongs, remove condensed milk can from water, and cool to room temperature before opening.
Once cool, open and swirl in seeds of a vanilla bean for added flavour.
Use as desired or refrigerate up to 2 weeks for later use. If refrigerated, bring to room temperature prior to using, for a softer, thinner caramel.
For a looser and slightly lighter caramel, reduce the cooking time to 2 hours.