Method #1 with a condensed milk can

Cup of Yum
1. Remove the label from the sweetened condensed milk can.
2. Place the can in a medium pot and fill with enough water to cover it completely.
3. Turn the heat to medium high heat and once it starts to boil, lower to medium heat. Enough to keep the bubbles going.
4. Cook the can for 2.5 hours, covered. Check the pot once in a while to make sure it's always covered with water. If the water starts to evaporate, just add more.
5. Cool completely before opening the can.

Method #2 with milk, sugar & vanilla

1. In a heavy bottom saucepan, over medium heat, add the milk, sugar and stir until the sugar is dissolved.
2. Bring the mixture to a simmer over low (and controlled) heat and simmer for about 1.5 hours. If it start to foam at the top, just remove with a spoon.
3. Important! Keep a close eye on it and stir every few minutes with a spatula to prevent from burning at the bottom of the pot.
4. When the milk starts to get very dark, is important to keep on stirring it non stop. The dulce de leche is done when it reaches a dark deep caramel color. About 2 hours.
5. Remove from heat and add the vanilla extract. Give it a stir to integrate well.