Enough water to fill to 1/2 inch of top of 4oz mason jars.
In clean and sterilized Pressure Cooker Approved mason jars, fill to lip before rings. (1/2 inch from top)
Place clean lids and on jars and screw finger tight, not too tight.
Place 3 4oz mason jars on trivet in Instant Pot and fill pot with water to just below rings of mason jars.
Set to Manual for 35 minutes and allow to fully natural release.
Remove jars from Pressure Cooker and allow to sit on counter until cool.
Caramel should be kept in refrigerator to keep.
Serve with apples, fruit, cookies or anything else you wish to dip into creamy caramel.
In Can Method:
Take paper label off sweetened condensed milk can.
Place can on trivet into Pressure Cooker and fill pot with water. Allow 1/2 inch of can to be above waterline.
Set to Manual for 35-45 minutes. The longer you process the darker and richer the flavor.
Allow a full natural release.
Remove can from Instant Pot and allow to sit on counter for 30-45 minutes.
Open Can and remove lid.
Pour Caramel into bowl or jar.
You will need to stir caramel. Consistency can look somewhat curdled. Stirring after processing brings the caramel back to a smooth consistency.
Store caramel in Refrigerator to keep.
I like to process 4oz mason jars for 35 minutes with a full natural release. However, when I process a 12oz can, I like to process 45 minutes to achieve the same dark richness. It's a personal preference and something you will have to decide for yourself.