In a pot, combine equal amounts of sugar and water. Bring to a boil and stir until the sugar has completely dissolved to create a simple syrup.
To make sweetened condensed milk, take one part of the simple syrup and mix it with two parts of full-fat milk powder in a blender until the mixture is smooth.
For the caramel sauce, keep cooking the simple syrup until it reaches a golden brown color. Once it does, remove it from the heat and mix in the butter, followed by the cream, stirring until everything is well combined.
