Preheat oven to 325°F (160°C) and place a roasting pan with 1-2 inches of water on the oven rack.

Place sugar in a ring mold.

Position the mold directly over medium heat.

Continuously turn the mold, melting the sugar into golden brown caramel.

Spoon the caramel up the sides of the mold.

Allow the caramel to cool completely.

Combine condensed milk, regular milk, and eggs in a blender.

Blend until the mixture is smooth.

Pour the blended mixture into the prepared caramel-lined mold.

Place the mold into the roasting pan with hot water (bain-marie).

Bake for approximately 1 hour, or until the pudding is golden brown on top and starts to pull away from the sides of the mold.

Remove from the oven and let cool to room temperature.

Refrigerate for at least 6 hours, preferably overnight.

Before serving, run a knife around the inside edge of the mold to loosen the pudding.

Invert the mold onto a deep platter.

If the pudding doesn't release immediately, gently shake the mold.

Spoon the caramel sauce over the top of the pudding.

Serve chilled.