Place sweetened condensed milk, nonfat milk, and 1 cup of caramel corn in a small saucepan. Heat over low heat for about 4-5 minutes, stirring often, to infuse the caramel flavor into the milk. Remove from heat and cool completely before continuing.
Beat cold heavy cream on high in a stand mixer fitted with the whisk attachment (or using a hand mixer) until stiff peaks form.
Remove large chunks of caramel corn from the sweetened condensed milk mixture and discard.
Place remaining 1 cup of caramel corn in a ziploc bag and pound with a rolling pin until it’s broken into small pieces.
Fold whipped cream into sweetened condensed milk mixture. Stir in vanilla and crushed caramel corn. Place in a large resealable container and freeze at least 4 hours or overnight before eating.
Serving tip: top with caramel ice cream topping and more caramel corn!