Servings: 24 cupcakes or 1 cake frosted 8 oz package of Cream Cheese, softened (1-2 hours at room temp) 14 oz dulce de leche 16 oz tub of Cool Whip, thawed in the fridge or on the counter
Boil the can of sweetened condensed milk ahead of time to give it time to cool. I've found cooking it with the crock-pot method (4 hours on high) is best.
Cool the can in ice water or keep in the refrigerator until ready to use. The sweetened condensed milk will have a caramel color after it is cooked.
You can use either a stand mixer with a paddle attachment or a hand mixer: Beat the cream cheese on high until it is light and fluffy.
Add the sweetened condensed milk and the cool whip and beat on medium-high until it is light and fluffy (about 6-7 minutes) - Don't over-mix.
Spread and enjoy as your new favorite cake frosting!