Caramel Marshmallows

1 cup butter or margarine
1 pound light caramels
1 can sweetened condensed milk
1 package large marshmallows (frozen)
1 small box Rice Krispies

Melt butter, caramel and milk together. Dip marshmallows in caramel, coating well. Roll in Rice Krispies. Chill until set.

Makes approximately 40 marshmallows.