Air pop the popcorn in an air popper machine or a microwaveable popcorn bowl like I did. Then put the popped corn in a bowl and throw away any unpopped kernels.

In a saucepan, mix together the butter, sugars, and sweetened condensed milk. Stir consistently so it doesn't burn. When it starts to boil let it boil for one minute.

In the meantime, start melting the chocolate chips.

Coat half the popcorn with the caramel mixture and then coat the other half of the mixture with the melted chocolate. Try and coat the popcorn as evenly as possible. Spread it out on wax paper and let dry.

Once it's dry, you can bag it up and put it in any kind of packaging. Tie a ribbon around it and add a pretty tag to it to deliver to a friend or give as a gift. Or you can skip the bag and eat it straight off the tray. ;)