Step 1

This recipe can be made in the oven or in a multicooker to produce slightly different consistencies. Dulce de leche cooked in the oven will be thick but pourable when warm—perfect for drizzling over pancakes, waffles, or ice cream or as a milky sweetener for coffee.

Step 2

Adjust oven rack to middle position and heat oven to 350 degrees. Pour condensed milk into 13 by 9-inch baking pan. Cover pan tightly with aluminum foil. Pour 1 inch boiling water into large roasting pan and carefully set baking pan inside (water should come about halfway up sides of baking pan). Bake, topping up roasting pan with boiling water every 45 minutes, until condensed milk is brown and has jiggly, flan-like consistency, 2¼ to 2½ hours.

Step 3

Carefully transfer cooked condensed milk (it will look broken and grainy) to fine-mesh strainer set over bowl. Stir and press solids with back of small ladle or spoon. Stir in vanilla and salt. Transfer to airtight container. (Jam can be refrigerated for up to 2 weeks.)