Bring milk to a boil in a large pot. When milk begins to boil, steadily pour in the buttermilk, while constantly stirring. The milk will separate into water and curds. Place a cheese cloth in a strainer or colendar, and strain the curds, reserving some of the liquid. Let it sit in the strainer for a few hours or until it stops dripping. Transfer strained curds to a food processor and process until smooth. Add a little of the reserved liquid if it becomes too dry. It should have the consistency of thick ricotta cheese. Form into a ball, and refrigerate overnight. Heat enough oil in a skillet to cover the paneer until hot. Deep fry the cheese until a pale golden brown, about 30 seconds. Drain on paper towels. Cut into bite size pieces and add to your favorite dish. Paneer can be frozen for up to 30 days, stored in a plastic freezer bag.