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Add 1 cup (237 ml) of water and 3 tablespoons (57 g) of sweetened condensed milk to a separate medium saucepan. Mix the two together well so they’re fully combined. When the water and condensed milk are mixed, sprinkle 2 (1 oz./28 g) envelopes of unflavored gelatin over the mixture. Allow it to sit for 2 to 3 minutes so the gelatin has time to soak. After the gelatin has soaked for a couple of minutes, place the pan on the stove. Heat the mixture on medium, and whisk the ingredients together until they’re combined. Continue heating the mixture until the gelatin dissolves, which should take about 5 minutes. Once the gelatin is dissolved, remove the pan from the heat. Add 1 cup (237 ml) of cold vanilla vodka and mix it in well. Set the pan aside for the moment.  You can substitute plain vodka or even more peppermint schnapps for the vanilla vodka if you prefer. Make sure the spot where you leave the pan isn’t too cold. You don’t want the mixture to set up yet.
Combine the water and condensed milk. Add the gelatin to the condensed milk mixture and let it sit. Heat the mixture and mix it together. Stir in the vodka and set aside.