|Condensed milk||14 Ounce (sweetened)|
Remove can top; cover can tightly with foil.
Bake or pressure-cook, as follows.
Set covered can in a 5- by 9-inch loaf pan.
Place on rack in a 350° oven.
Add boiling water to pan to within 1 inch of rim.
Using insulated mitts to protect hands, cover pan tightly with foil.
Bake until milk is a golden caramel color, about 3 hours.
(For a richer caramel flavor, bake until a darker color, about 4 hours.) When checking color, open foil carefully to avoid hot steam.
Set covered can on rack in a 4- to 6-quart pressure cooker.
Add 1 1/2 inches water.
Cover pan with lid and bring to pressure according to manufacturer's directions.
Cook at 15 pounds pressure for 45 minutes for golden caramel color, 1 hour for a darker color.
Release pressure quickly as manufacturer directs.
Hold hot can with insulated mitts and scrape milk into a blender or food processor; whirl until very creamy and smooth.