Mix the honey, sucanat or raw sugar and milk in a saucepan. Bring it to a low simmer over medium heat - stirring often to prevent burning and to dissolve the sweetener. Watch for steam to begin rising from the milk. When the steam begins rising, lower the heat to as low as possible. A skim may form on top - just scoop it off.
Allow the mixture to reduce in volume by half. You can use a clean kitchen ruler to measure the amount. I could not find mine so I used a wooden popsicle stick, marked the level in the beginning and checked periodically until the level was half of what I started with. This step took 2 ½ hours.
When the amount is half of what you started with, whisk in the butter and vanilla.
Cool the sweetened condensed milk and use as desired or place in sterilized canning jars, put the lid on and place out of the way to allow it to seal. Finally, refrigerate any unused cans - they keep for several months.
