This recipe has been featured in a post (with step by step photos) on The Recipe Girl blog: How to Make Dulce de Leche (a really easy oven-method)
Homemade Dulce de Leche
Yield: About 1 1/2 cups
Prep Time: 10 min
Cook Time: 1 hr, 15 min
SO easy to do! It turns out perfect.
1 can sweetened condensed milk (any size)
1. Preheat oven to 425 degrees F.
2. Open up the can and pour the sweetened-condensed milk into a pie pan. Cover tightly with foil. Place into a larger pan and pour boiling water in larger pan & around pie plate (level of water should be about halfway up the pie plate). Don't let any water seep up and into the pie plate.
3. Place in oven and bake for 1 hour. At the one hour point, peel off foil and check for progress. If the mixture has thickened and turned a caramel color, it's done. If it doesn't quite look thick enough or dark enough, cover it up and bake it a little longer (mine took 75 minutes).
4. When the mixture appears to have turned into a nice, thick caramel, remove from the oven. Let sit for a few minutes, and then beat with an electric mixer until smooth.
*Store in a covered container until ready to use (within a few days). Probably storing in the refrigerator is best, but return to room temperature when ready for recipe.