Add the condensed and evaporated milk and stir.
Cook over medium heat, stirring constantly, for about 10 minutes or until the liquid can coat the back of a spoon or spatula with a thin layer.
Remove from the heat and let cool down completely. Refrigerate for at least 4 hours.
Remove the cinnamon and cloves. If it's too thick after cooling, adjust it by adding water or milk (not evaporated nor condensed).
Serve cold, at room temperature or warm with a sprinkle of ground cinnamon.