Place 1 to 2 inches of water in a roasting pan. Place the pan in the oven and preheat to 325°.
Put the sugar in the ring mold. Place the mold directly over medium heat. Keep turning the mold until the sugar melts into a golden brown caramel and spoon it up the sides of the mold.
Be careful not to burn the sugar and yourself.
I use an oven mitt to hold the mold in my left hand and a large spoon for the sugar in my right hand.
This way I can keep turning the mold and spooning the sugar. Let the mold cool.
Combine the condensed milk, regular milk and eggs in a blender. Whip (I like to use the frappe button in my blender) until smooth.
Pour this mixture into the mold and place it in the center of the roasting pan with water.
Bake the pudim for about 1 hour. It will turn golden brown on top and start separating from the sides of the mold. Let it cool to room temperature and place in refrigerator, preferably overnight (at least 6 hours).
Just before serving, run the tip of a knife around the inside of the mold. Place a deep platter over the mold and invert: the pudim should slide out easily.
If not, give the mold a firm but careful shake. Spoon the caramel sauce on top and serve. Serves about 10. Totally yummy!