3/4 cup heavy cream
1/3 cup water
1 cup granulated sugar
3 tablespoons unsalted butter, cut into 3 pieces
1 teaspoon vanilla extract
1/8 teaspoon salt
Warm the milk in a small saucepan over medium-low heat while you make the caramel.
Add the water and sugar to a 5-cup stainless steel saucepan. (Non-stick cookware is not recommended for this recipe.) Heat over medium-high heat until it begins to boil, stirring constantly to dissolve the sugar.
Turn the heat down to medium and insert a candy thermometer. (You don’t need a thermometer, but it is a great tool for inexperienced caramel cooks.) Do not stir the sugar as it boils.
As soon as the mixture reaches 330 degrees F, watch for it to turn a deep amber color and immediately remove it from the heat. Take care not to let it go too far because it will burn. Carefully and slowly pour the hot cream into the caramelized sugar while whisking. The caramel will bubble up and is extremely hot. Continue to whisk until all the cream has been added and is mixed in thoroughly.
Whisk in the butter, vanilla, and salt. Set the pot on a wire rack to cool completely before transferring to a glass container for storage.