Argentine Caramel Cream (Dulce de Leche)

Combine all the ingredients in a large, heavy saucepan and bring to a boil over high heat, stirring to dissolve the sugar. Reduce the heat to medium and simmer the mixture briskly, stirring often with a wooden spoon, until thick, caramel colored, and reduced by half, 30 to 40 minutes.

(You will need to adjust the heat, now up, now down, to keep the mixture at a brisk simmer, but without it boiling over. The traditional test for doneness is to pour a spoonful of caramel cream on a plate. When it gathers in a thick puddle and no longer runs to the edges, the mixture is ready.) Remove the vanilla bean with tongs and discard.

Transfer the caramel cream to a serving bowl and cool to room temperature. You can eat it now or cover and refrigerate if you prefer to serve it chilled.

NOTE: You must use whole milk for dulce de leche. Skim milk will burn during the reduction process.