This is the BEST frosting for chocolate cake (you can use on a smaller cake for thicker frosting, as well as for a larger sheet cake).
Fair warning: this frosting requires a lot of time to stir, so get ready to stand at the stove (depending on your stove, it can take 30+ minutes to cook). But don't worry; it will be worth it!
1 stick (8 tablespoons) real butter
1 cup sugar
1 5 oz can evaporated milk
1 bag of caramels; you need 22 individual caramels
1 tsp vanilla (or rum)
Melt butter in saucepan over medium heat. Add sugar and evaporated milk; let mixture boil until it reaches soft ball stage, stirring constantly, making sure it doesn’t burn. This is important: make sure the mixture “sets” or your frosting will be too runny!
Remove from heat; add caramels and vanilla (or rum). Pour over cake immediately.