In a small pan, add the water, corn syrup and sugar. Then stir just to combine.
Place the pan over medium heat without stirring. You can swirl the pan. To prevent sugar crystals from forming on the sides, dip a brush in some water and gently brush off the sides until the crystals are gone.
Just when the caramel becomes a bubbly amber color, turn off the heat. This should take between 5-7 minutes. Be careful not to overcook as burnt caramel is not tasty.
Stand back (this is known to splatter) and add the butter and heavy cream. When the mixture calms down slightly, stir the ingredients until the sauce is silky smooth.
Add the salt and vanilla and stir to taste. Start by adding ½ tsp salt and then add more if you’d like.
Cool the sauce and store in a container in the refrigerator until ready to use. This lasts about 2 weeks in the fridge and even longer in the freezer.
This recipe makes 1 cup of sauce and you only need half of it to make the dip.