Now I think you call the caramelo by a more sosyal name Dulce de Leche. Whatever, the sweet yumminess is still the same.

Buy some cans of condensed milk and place in a pot with water (enough water to cover the cans). Bring to a boil and simmer for 4 hours. Boil a lot and keep the rest in the fridge.

Cowards way out or if the thought of using up all that gas / electricity freaks you. Pressure cook for about 20 minutes.

Simple and delicious. And very fattening.