Turn sweetened condensed milk into caramel with this recipe. Yes, it's true — caramel sauce can be this easy. In this video we show you how to transform sweetened condensed milk into caramel in just one easy step. Just boil right in the can and presto chango — caramel sauce. And with the convenience of an Instant Pot, it couldn't get any easier. You don't even have to open the can to cook it! Delicious.