If you slowly heat milk and sugar together you will obtain a sort of home-made caramelized milk, which is not unlike dulce de leche.
Place the sugar and water in a pan over a medium heat and cook slowly until a light caramel is formed.
Add the milk, heat up and stir the caramel into the milk. Stir continuously while cooking until the mixture thickens and resembles caramel crème. There will be a lot of froth, particularly to start with, so make sure that the mixture does not boil. Adjust the heat as you go along. The longer you spend on the process, the deeper and better the caramel taste will be. It takes about 20 minutes to create dulce de leche from the quantity of liquid used in this recipe.