Dulce de Leche

Combine all ingredients in a large heavy saucepan. Cook over medium heat, without stirring, until mixture boils, 15-20 minutes. Briefly remove from heat. Reduce heat to low, cook, stirring frequently, until mixture becomes cramel color and thickens enough to see bottom of pan when stirring, 45-60 minutes. Cool to room temperature or refrigerate covered. Use over ice cream, on waffles, a glaze for bananas or cakes, or as a substitute for honey in baking recipes.