A quick fondant. If you want colored fondant, add a dash of food coloring and knead.
Mix butter, sweetened condensed milk, confectioners' sugar, and vanilla extract in a mixing bowl until fondant has the consistency of modeling clay. If fondant is too moist, knead in additional confectioners' sugar. Roll out on a work surface generously dusted with confectioners' sugar to desired thickness.
Per Serving: 314 calories; protein 1.2g; carbohydrates 61.5g; fat 7.9g; cholesterol 22.4mg; sodium 65.7mg.