Yes, it is popcorn. This recipe, given to me by my mother, has been called caramel pa-corn for a long time and that is just what it is. :)
Melt one stick of butter, 2 cups of packed brown sugar, and 1 cup of corn syrup in a pan over medium heat.
Bring it to a boil, stirring constantly. Let it boil for five minutes. (Just keep stirring, just keep stirring- done in Dori voice)
Add one can of sweetened condensed milk.
Leave on heat for one more minute while continuing to stir.
Remove from heat and stir in 1 tsp of vanilla.
Pour over popped popcorn. Some times we use a couple of bags of microwave butter popcorn. Most of the time we use a few batches of air popped popcorn.
Coat generously. :D
Still to this day I have never had better caramel popcorn. It is even better the second day.