Throughout the Spanish-speaking world, thickened sweetened milk is a regular feature at dessert time (and, like all treats, whenever Mom isn’t looking). Though not difficult to make from scratch on top of the stove, the use of condensed milk eliminates the need for constant stirring. Be sure to check the water level in the pan about halfway through cooking; if it’s low, carefully add a little more.
Makes about 2 cups.
Preheat oven to 425°F.
Pour condensed milk into a 9-inch deep-dish pie plate and cover with foil. Put pie plate in a roasting pan and add enough hot water to pan to reach halfway up side of pie plate. Bake milk in middle of oven until thick and golden, about 1 1/2 hours. Carefully remove pie plate from pan and cool completely.
Add remaining ingredients to milk and whisk until smooth. Sauce may be made 2 days ahead and chilled, covered.