In a large saucepan, bring goat milk and sugar to a boil (mixture will boil up, so watch carefully). Meanwhile, in a small bowl or cup, dissolve baking soda in 2 tsp. water.
Reduce heat to medium and stir in baking-soda water; mixture will boil up again. Reduce heat to maintain a steady simmer and cook mixture, stirring frequently, until light caramel–colored and reduced to 1/2 cup, about 30 minutes. Add sweetened condensed milk and cream and heat, stirring, until warm. Serve sauce with Butternut Squash Bread Pudding.
*Evaporated goat milk (Meyenberg is a popular brand) is sold in most grocery stores. Look for it in the baking aisle, near the condensed milk.
Make ahead: 1 week, covered and chilled (reheat gently before using).
Note: Nutritional analysis is per tbsp.