1/2 can of Sweetened Condensed Milk; - 1/2 stick of butter; - 1 bag of caramels; - 2 c. of Rice Krispies Microwave condensed milk, butter + caramels in a bowl for 3-5 min... (stop + stir every min.) Put mallow on a fork. Dip in melted caramel, dip in Rice Krispies! Place dipped "carmallow crisps" in container lined with wax or parchment paper. Put in fridge 1 hours. Serve at Room Temp.