Add all ingredients to a large (~12") non-stick sauté pan or tall sided skillet, and over to medium-high heat. Bring it to a vigorous simmer.
Stir with a silicone spatula or wooden spoon, for about 15 minutes, until the milk caramelizes and gets light brown color, with a caramel aroma. If using a large pan, you'll notice the dulce de leche retracts when bringing the spatula across the pan, and the bottom of the pan appears for a moment.
While it cools down, stir a few times helps prevent the formation of skin. You can also press waxed paper or cling film against the surface,
When it's cooled, transfer it to a clean and dry sealable jar. This recipe yields about 9 ounces or 255 grams of dulce de leche.
Notes
Do not use erythritol based sweeteners for this recipe, as it will cause the dulce de leche to crystallize and get grainy.The wider is your choice of pan, the faster the water evaporates and the quicker the recipe will be ready. Time shown is for a 12" pan.Constant stirring in not entirely necessary, but it prevents bits from sticking to the bottom and makes for a much smoother final result.The low-carb dulce de leche is spreadable at room temperature, but it hardens in the refrigerator (like butter). If you leave it out of the fridge for some time it will soften again.