Two 12-ounce cans sweetened condensed milk
Makes about 2 cups
Set a rack in the center position and preheat the oven to 350° F. Place a shallow roasting dish on the rack and heat a kettle full of water to a boil.
Choose a shallow 9 or 10-inch baking dish. A Pyrex pie plate or quiche dish works well. Set the dish into the roasting pan and pour enough water from the kettle to come half way up the sides. Pour the cans of milk into the pan, cover the pan loosely with aluminum foil and bake, without stirring, until the milk thickens and turns a rich, caramel color.
Scrape out of the dish and into a bowl. While still warm, whisk the dulce de leche vigorously to smooth it out. Even after whisking you may have tiny lumps in the dulce.
Don't worry, just enjoy. Eat warm, at room temperature or cool.