1 (14- ounce) can sweetened condensed milk
Pour sweetened condensed milk into a canning jar and put the lid on loosely. Set jar on trivet in IP. Fill the Instant Pot with water until it is about an inch beneath the lid of the jar (above where the condensed milk is and below the lid).
Now, times seem to vary between 35 and 45 minutes. I prefer cooking it on high pressure for 45 minutes, as it seems to end up more “carmel-y”. Personal preference. Quick release and take jar out using tongs. Let cool.
Some people like to stir in vanilla. I haven’t tried this yet.
I have poured this over ice cream and just eaten it plain. However, it would make delicious caramel apples, or whatever else you want to do with it.