This creamy caramel frosting comes together really easily and starts with a can of sweetened condensed milk to make it extra special. It is a great way to make a caramel frosting for your favorite cakes!
In a saucepan, bring 14 ounces sweetened condensed milk, ¾ cup light brown sugar and ½ cup butter to a boil over medium heat. Stir constantly and allow to boil for 3-5 minutes. The frosting should be like a thick pudding.
Cool caramel mixture to room temperature. This may take a while, but you can put it in the refrigerator to speed the process if you want to. When cooled, it should be thick enough to almost hold it's shape. See the picture in the post for reference.
Whip 8 oz cream cheese and 1 teaspoon vanilla extract until smooth. Add cooled caramel mixture and beat for at least a couple of minutes.