1 can Eagle Brand condensed milk
1 tbsp. water
1/8 tsp. salt
2 (1 oz.) squares unsweetened chocolate
1/2 tsp. vanilla

May substitute 6 tablespoons cocoa and 3 tablespoons butter.

In a double boiler, combine milk, water, salt and chocolate. Cook over hot water. Stir frequently until thick. Remove from heat and cool. Stir in vanilla. Spread on cooled cake.