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TO MAKE ON THE STOVE TOP: In a large pot, cover an unopened can of sweetened condensed milk with water and bring to a boil. Allow to boil for about 3½ hours, making sure the can is completely submerged the whole time. You may need to add more water as it cooks. If you let the water boil off, the can may explode. After 3½ hours, remove the can and let it cool completely before opening. If you open the can before it cools, it may explode. Once you open the can, it will last about a week, covered, in the refrigerator.
TO MAKE IN A PRESSURE COOKER: Place a trivet or basket in the inner pot of an Instant Pot. Remove the label from the can of sweetened condensed milk and wrap the unopened can completely in foil. Place the can in the center of the trivet and fill the pot with water to completely cover the can. Don't go beyond the fill line. Set the manual cooking setting to 45 minutes. The entire cook time will take slightly longer, because the pressure cooker will take a bit of time to get to temperature. Once the pressure cooker has cooked and cooled (do not manually release the pressure) according to the manufacturer's directions, remove the can and allow it to cool completely. If you open the can before it cools, it may explode. Once you open the can, it will last about 1 week, covered, in the refrigerator.