Combine all ingredients in a blender or processor; mix until completey smooth and combined (I use my small 4-cup processor for this).
Cool to room temperature (the mixture will thicken even more upon standing).
If not using right away transfer to an airtight container, and refrigerate for up to 2 weeks.
*NOTE* this recipe is equivalent of one 14-ounce can and may be prepared and frozen in a covered freezer container for later use, this freezes very well just remove from freezer (the mixture will remain soft) and stir vigorously with a spoon.
Use as you would in any recipes calling for sweetened condensed milk.