This creamy caramel frosting starts with a base of caramelized sweetened condensed milk and cream cheese for a finish that is rich and flavorful. It is great with chocolate cake, apple cake, banana cake, and more!
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.