In a small saucepan, combine the milk and heavy whipping cream and warm over medium heat. Stir frequently and watch carefully to prevent burning. After a few minutes, the milk will begin to froth and bubbles will form. Add the caramel topping and stir for an additional 30 seconds, then remove the pan from heat. In a separate small bowl, whip 1 cup of heavy whipping cream with a handheld mixer until thickened (skip this step if using Cool Whip). Set the whipped cream aside. Fill a glass or mug halfway with ice cubes, then pour in the coffee concentrate. Add the warm milk mixture on top and stir gently. Spoon the whipped cream over the coffee and drizzle with caramel sauce. Serve immediately.