- 6 (12-ounce) cans evaporated milk
- 4 teaspoons ground cinnamon
- 1 tablespoon vanilla extract
- 1 teaspoon ground nutmeg
- Pinch cayenne pepper
- 2 (12-ounce) bags semisweet chocolate chips (recommended: Hershey's)
- Cocoa powder, for serving
For stovetop: In a large pot over medium heat, whisk together milk, cinnamon, vanilla extract, and nutmeg. Add chocolate chips. Stir until chocolate is melted. Cover and turn heat to low for 5 minutes.
For slow cooker: In a 4-quart slow cooker, whisk together milk, cinnamon, vanilla extract, and nutmeg. Add chocolate chips. Cover and cook on LOW setting for 2 to 3 hours, stirring every 15 to 20 minutes.
Serve with a dusting of cocoa powder.