I found the best solution in "The Victory Binding of The American Women's Cookbook; Wartime Edition"(published 1943).
The steps were actually very simple (and I am all about simple).
You will need a pound of butter (4 cubes) softened and a can of evaporated milk.
Place butter in a large bowl and whip it with a electric mixer until it is light and fluffy.
Measure out 1 1/4 cups of evaporated milk.
Add the milk into the butter 3 tablespoons at a time, and blend into the butter with the mixer. Continue to adding milk into the butter until it is gone. Make sure milk is completely incorporated into the butter.
- Add butter spread into a clean plastic container with a lid (mine is a Gladware container that originally held lunch meat).
Store in the refrigerator.
I taste tested it before I feed it to the rest of the family, and I gave it a two thumbs up. It was light and buttery. You can't taste the milk in it at all! There haven't been any complaints from the troops either, and I have been spreading it on toast, grilled cheese sandwiches, baked potatoes, and adding it to hot veggies. I consider that success!! The only down side is that you can not use it in baking; the recipe will not work. The recipe can also be halved or quartered if desired. Yeah! Another frugal dilemma resolved(with some help from frugal minded wartime home economists)!