Step 1

Place the can on its side in a large pot. Fill the pot with room-temperature water, making sure the water level is at least 2 inches above the can.

Step 2

Set pot over high heat and allow to come to a simmer. Reduce heat and simmer for 2 hours for a lighter caramel, and up to 3 hours for a darker caramel; check the pot every 30 minutes to ensure the water level stays above the can, adding boiling water as necessary to top it up.

Step 3

Using a pair of tongs, remove the can from the water and set on a wire rack to cool to room temperature (important: do not attempt to open the can while still hot, which can cause pressurized hot caramel to spray dangerously).

Step 4

Unopened cans of dulce de leche can be stored at room temperature for up to 3 months. To use dulce de leche, open can when cool and scoop out of can; reheat in a double boiler to soften dulce de leche to a spreadable or drizzle-able consistency. Dulce de leche can be tranferred to an airtight container and refrigerated for up to 3 weeks.