1L full cream milk (preferably unhomogenised; you're going to cook this milk, so don't waste your expensive Cleo's bath milk in this part of the recipe!)
Place all ingredients in TM bowl. Place the lid on the TM, and place your rice basket on top of the lid instead of the MC (this allows the milk to reduce). Cook for 40-45 minutes on Varoma temperature, speed 5.
Notes
The high speed is absolutely necessary for condensed milk, as the fast movement of the blades cuts through the bubbles that the boiling milk makes. If you do it any lower than speed 5, the mixture may boil over. Speed 5 prevents that from happening.
Recipe by Homemade, Healthy, Happy at http://homemadehealthyhappy.com/2013/09/easy-vanilla-caramel-ice-cream-and-a-giveaway/