Measure and pour the chilled heavy cream and caramel syrup into the blender.
Add the crushed ice to the blender on top of the liquids.
Secure the lid and blend on high speed until the mixture is smooth, thick, and well combined, about 30-45 seconds. You should see a swirled caramel pattern forming as the ice breaks down.
Stop the blender and check the consistency—if it’s too thick, add a splash of milk and pulse again briefly, just enough to loosen it slightly.
Pour the blended caramel slushie into chilled glasses, allowing the velvety, icy mixture to settle with swirls of caramel on top.
Serve immediately with a straw or spoon, enjoying the cold, creamy, caramel-flavored treat.