Caramel Oat Bars

Base:
½ cup butter, softened
¼ cup sugar
¾ cup rolled oats
2/3 cup flour
Caramel:
1 can (14 oz.) sweetened condensed milk
1 stick butter
¼ cup packed brown sugar
2 tsp. Vanilla
Icing:
¼ cup butter
2 Tbls. Each: water,
sifted cocoa
1 ½ cups powdered sugar, sifted

Heat oven to 350 degrees. For base, beat butter and sugar in small bowl of electric mixer on medium-high spead until light and fluffy, 3 minutes. Add oats and flour; beat until smooth. Press into greased 8-inch square or 9-inch square baking pan. Bake until set, 20 minutes.
Meanwhile, prepare caramel mixture. Heat condensed milk, butter and brown sugar to a boil in heavy saucepan over medium heat. Boil, stirring constantly, 5 minutes. Remove from heat; stir in vanilla. Pour caramel mixture over cooked base; allow to cool completely.
To prepare icing, melt butter in saucepan over medium heat. Stir in cocoa and water until smooth. Add powdered sugar; stir until mixed well. Spread over cooled caramel layer. Allow to set before cutting. Store refrigerated.