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Combine all ingredients in a large heavy saucepan. Cook over medium heat, without stirring, until mixture boils, 15-20 minutes. Briefly remove from heat. Reduce heat to low, cook, stirring frequently, until mixture becomes cramel color and thickens enough to see bottom of pan when stirring, 45-60 minutes. Cool to room temp. or refrigerate covered.
This latin caramel sauce is adapted from a recipe by Rafael Palomino of sonora restaurant in New York City. Use it over ice cream, on waffles, a glaze for bananas or cakes, or as a substitute for honey in baking recipes. Haagen-Dazs markets this as an ice cream flavor and Starbucks as one of its non-coffee flavors for ice cream.
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