I love making dulce de leche in the oven. It's faster and easier than the stovetop version and the best way to keep an eye on the color and texture so you get the creamiest, thickest dulce de leche ever!
Pour the sweetened condensed milk into the smaller dish
Cover it tightly with alumnim foil or if the dish has a lid, place the lid on top with a slight crack for venting.
Place the small dish into the larger dish.
Fill the larger dish with water until its about half full.
Place them into the oven and bake for 60 minutes to 90 minutes depending on how dark you want your dulce de leche. Less time will produce a thinner, lighter sauce while longer produces a thicker, creamier sauce.
Notes
Remember to stir your milk every 30 minutes or so for even browning.The longer you let your milk bake, the darker and thicker it will get.Make sure you use a clean, oil-free utensil for stirring to prevent crystallization.