My sister made this popcorn on the Fourth of July and I had to call her this week to get it from her.
1 stick of butter (1/2 cup)
2 cups of brown sugar
1 cup white corn syrup
1 can Sweetened Condensed Milk (buy the good stuff for this recipe)
1 tsp. vanilla extract
2 batches of popcorn (about 6 cups)
Combine the sugar, butter, and syrup in a heavy bottomed saucepan on medium high heat until the mixture comes to a good rolling boil. STIR THE ENTIRE TIME! Turn the heat to low and add the sweetened condensed milk. Turn the heat up to medium and heat while stirring the entire time to another rolling boil. Cook for 45 seconds longer and take off the heat. Let this cool for 1-2 minutes. Add vanilla and stir.
Pour over popcorn and gently mix in. I ended up with a little too much caramel and not enough popcorn so I just popped some more and mixed it in.