1/2 c. sweetened condensed milk
1/2 c. butter
25 caramels
1 (10 oz.) pkg. marshmallows
2 to 3 c. crisp rice cereal, very lightly crushed

In medium glass mixing bowl, combine milk and butter. Microwave on HIGH 1 to 2 minutes, stirring twice. (Do not let milk boil.) Add caramels. Microwave 1 to 2 minutes, stirring every 30 seconds, until caramels are melted and combined with milk and butter. Thorough stirring is needed between microwaving to make a smooth sauce.

Using a toothpick, dip each marshmallow in caramel sauce, then roll in rice cereal to coat. Place marshmallows on waxed paper and chill until set. May be stored in covered container in the refrigerator until used. Makes 40.