1 (6 oz.) pkg. semi-sweet chocolate chips or 41 oz. butter
1 (14 oz.) can Eagle Brand sweetened condensed milk (NOT evaporated milk)
2 tbsp. water
1 tsp. vanilla extract

In heavy saucepan, over medium heat, melt chips and butter with Eagle Brand, water and vanilla. Cook, and stir constantly until thickened, about 5 minutes. Serve warm over ice cream. Refrigerate leftovers.