Place ½ cup cold coffee, 1 cup milk, and 2 Tbsp granulated sugar in a blender. Blend until smooth and creamy.
Add 2 Tbsp caramel sauce and 1 cup ice. Blend until smooth.
Check the consistency of the frappuccino and add up to 1 additional cup ice depending on how thick you prefer it. More ice will make it thicker and less ice will make it thinner.
Pour the mixture evenly into 2 glasses.
Top each glass with whipped cream.
Drizzle the remaining 1 Tbsp caramel sauce over the whipped cream.
Serve immediately and enjoy.
Notes
This is best served immediately and the frappuccino will become watery and thinned out as it sits.You can easily add more or less coffee and caramel sauce based on your preference. Taste test it and adjust as needed.