Make sure your can of condensed milk is sealed tight (not opened) and not dented.

Remove the paper label wrapper.

Use a large deep pot.

Place the can in the middle of the pot. Tilt the can horizontal position so that I have at least 2-3 inches above the can. If you pot is tall enough, you don’t have to tilt the can horizontal like the way I did.

Fill the pot with water, and make sure the water level is at least 2 inches above the can.

Bring the water to a boil. Then lower the heat to medium low and simmer for at least 3 hours. You don’t have to cover the pot as you can check the water level from time to time. You can cover with a lid if you wish. The longer you simmer, the thicker the consistency and the darker the sauce will be.

Remark: If you wish to speed up the simmering time, you can use a pressure cooker and cook for only 45 minutes.

I’ve done a comparison simmering it for 3 hours vs 4 hours. (see the outcome in the video)

When time is up, off the heat completely and leave the can in the hot water all the way until it is completely cool.

ALERT! DO NOT open the can when it is still hot, the sauce can splatter out, so be very careful.

Once the can is completely cool (I waited at least 2 hours), remove from the water.

Make sure the can is completely cool before opening it.

Here you can see a soft and smooth caramel sauce.

Preheat oven 160°C/320°F.

Separate the eggs.

In the yolk bowl, add sugar. Mix vigorously until well combined.

Add in the oil, dulce de leche, milk, vanilla extract and salt. Mix in between each of the ingredients until well combined.

Sift in the flour. Whisk in a circular motion until combined, do not over mix. Set aside.

In the bowl of egg whites, add cream of tartar. With an electric mixer, mix on low speed until frothy. Add sugar in 3 batches. Continue mixing on high speed until stiff peaks formed.

Add the egg whites into the yolk batter in 3 batches. Fold in a circular motion until the white disappear, do not over mix. Switch to a spatula and continue folding until combined, do not over mix.

Transfer batter into a 7x7x3-inch pan, greased and lined with parchment paper. Use you spatula to stir and wiggle the batter to release air trapped bubbles.

Bake in preheated oven at 160°C/320°F for 50 minutes or until an inserted skewer comes out clean.

Remove the cake from the pans, cool them completely before slicing.

Once the cake is cooled. Slice the cake into 4 sheets, with the brown edges trimmed. Set aside.

In a large mixing bowl of butter (just lightly softened), mix on high speed until creamy, fluffy and pale.

In another large mixing bowl of cream cheese, mix on medium speed to soften and break all the lumps, do not over mix.

Transfer all the cream cheese into the butter. Mix until combined.

Add in dulce de leche, mix on low speed until combined.

Assemble the Cake and cake deco (as per video)