Dulce Leche (Caramel Topping)

I tried this recipe.  It was submitted to the Food Network by Alton Brown.  It is the bomb.  It can be used on ice cream, cake, or eaten right off a spoon (not recommended though it's not good for the hips). 

Dulce Leche (Caramel Topping)

1 quart whole milk
12 ounces sugar, approximately 1 1/2 cups
1 vanilla bean, split and seeds scraped
1/2 teaspoon baking soda

Combine the milk, sugar, vanilla bean and seeds in a large, 4-quart saucepan and place over medium heat. Bring to a simmer, stirring occasionally, until the sugar has dissolved. Once the sugar has dissolved, add the baking soda and stir to combine. Reduce the heat to low and cook uncovered at a bare simmer. Stir occasionally, but do not re-incorporate the foam that appears on the top of the mixture. Continue to cook for 1 hour. Remove the vanilla bean after 1 hour and continue to cook until the mixture is a dark caramel color and has reduced to about 1 cup, approximately 1 1/2 to 2 hours. Strain the mixture through a fine mesh strainer. Store in the refrigerator in a sealed container for up to a month.
Another trick to making caramel topping is to boil a can of Carnation sweetened condensed milk completely submerged in water for 2 hours.  Make sure the can stays completely covered with water for the whole 2 hours.  After 2 hours remove the pan from heat and set aside to cool completely. 
DO NOT REMOVE THE CAN FROM THE WATER.  LEAVE IT IN THE WATER UNTIL THE WATER AND THE CAN ARE COMPLETELY COOL.

Will keep in the unopened can for quite some time, once open though it usually disappears pretty fast.  If you use a lot of caramel topping, you can always do multiple cans and keep them stored in your pantry.