Homemade Caramel Sauce

1 can Sweetened Condensed Milk

OVEN METHOD:
HEAT oven to 425°F. Pour sweetened condensed milk into 9-inch pie plate. Cover with foil. Bake in a water bath by placing pie plate in a larger shallow pan.
Fill larger pan with about 1/2-inch hot water to surround
pie plate. Bake 1 1/2 hours or until thick and caramel colored.
Carefully remove from oven; remove pie plate from shallow pan. Whisk caramel until smooth. Cool 20 minutes before serving. Store any leftover caramel sauce in refrigerator. Bring to room temperature or heat until warm to serve.

STOVETOP METHOD:
POUR sweetened condensed milk into top of double boiler. Place over boiling water and cover. Simmer 1 1/2 hours over medium-low heat, stirring occasionally, until thick and caramel-colored. Remove from heat. Whisk caramel until smooth. Cool 20 minutes before
serving. Store any leftover caramel in refrigerator. Bring to room temperature or heat until warm to serve.

I actually made it in my crockpot. Remove lid, plus can in crock pot. Fill crock around can with water, until water is 2/3rds covering can. Set crock pot on high for 4 hours. Remove and stir until smooth. Decadent.