milk, sweetened condensed
Preheat oven to 350℉ (180℃).
Over medium heat melt sugar in a cake pan or in a pot.
You can add a tiny bit of water (1 Tablespoon or so) before sugar heats up to make it a little lighter.
After sugar is melted it should be light brown.
Don't let it get dark or burn.
Take off the heat and if it's in the cake pan let it cool.
If it's in a saucepan, pour it into the cake pan and let cover the bottom of the pan and harden a bit.
Put the rest of the ingredients into a blender and blend for a few minutes.
Then pour on top of the caramel mixture in the pan.
Place the cake pan into a larger casserole or round glass dish and fill the larger pan with water until the water comes up to about halfway on outside of the cake pan.
This is called a bain-marie or bano de maria in spanish.
Place cake pan in refrigerator to cool for about 5 hours to overnight.
If you're in a huge hurry you can also leave it in the bain-marie but dump the water and refill with cool water then add some ice cubes to this and place in refrigerator.
If the ice cubes melt, add some more, removing a bit of water if necessary so as not to cause overflow.
This could be ready in an hour or two if the ice is replenished often.
Alternatively I'll sometimes do this in two loaf pans and place both into a large casserole dish.
In that case, sprinkle enough sugar to coat the bottom of each pan lightly.