Add all ingredients to heavy-bottomed saucepan over medium-high heat. Bring to a boil, whisking constantly, and lower heat to medium.

Reduce milk mixture by half, whisking constantly, for approximately 1 hour, or until candy thermometer inserted into pot reads 225°F.

The milk should caramelize to a medium golden-brown hue and have a consistency slightly thicker than maple syrup. Bear in mind that the milk jam will thicken a bit as it cools, so you may want it a bit thinner if you plan to use it for baking or drizzling.

Store in a tightly sealed container in the refrigerator for up to one week.