This recipe is from the Low Carb Luxuary site. I haven't tried it yet but other people who have say that it's pretty good.

BTW what are baily's?

Low Carb Sweetened Condensed Milk

Ingredients:
2 1/2 cups heavy whipping cream
6 egg yolks
1 cup Splenda
2 Tbsp DiabetiSweet (optional)

Whisk all ingredients (added in the order given) in a saucepan over low heat, stirring constantly until thickened. Cool completely, add to sealable non-metal container and refrigerate. Use within 7-10 days.

This mixture is useful in any recipe where you'd ordinarily use sweetened condensed milk (like Eagle Brand.) Using the Diabetisweet adds less than 1 carb per serving but aids in proper consistency, however, it will still be delicious without it. Depending on your plans to use it, adding a bit of vanilla after cooking can be a nice touch.

Makes approx 1 1/2 pints. 40 carbs in entire recipe; 4 grams per 1/4 cup serving.