This is the simplest way to make caramel sauce ever.
1 can sweetened condensed milk.
Heat oven to 425 degrees. Pour the milk into a pie pan and cover with foil. Put the pie pan in a shallow pan, we used the broiler pan, and fill with about 1/2 inch water.
Bake 1 3/4 to 2 hours until thick and caramel-colored. Whisk until smooth. It will take a few minutes to get it to a creamy consistency, at first you will think you over baked it but it will smooth out.