Dump all the ingredients in a large, shallow, skillet. The larger the surface of the skillet, the faster the milk will condense or reduce.
Over medium-high heat, bring to a boil stirring frequently.
Reduce heat to medium-low and simmer until condensed by about half, stirring every so often to prevent scorching. This will take about 15-20 minutes. You will notice that as your milk condenses, the color will change from white, to off white, to a light golden color. You want slow, almost quiet bubbles as you reduce your mixture.
Knowing when to stop is tricky. When you start to see that the milk coats your spatula, but drips off effortlessly, you know that you are almost there. Give it another 5 minutes, stir, then remove from heat. The milk will continue to thicken as it cools. Make sure to stir every so often to homogenize the mixture. The end result should be thick and gooey. You know you’re at the right place when your milk coats the back of your spoon and does not drip. Another great test is when it takes a good amount of licking to get it off your finger! Use this to replace the sugary kind in all of your favorite recipes!