Step 1

Heat sugar and 3 tablespoons water in a medium saucepan over medium-high, whisking occasionally, until sugar dissolves, about 2 minutes. Bring melted sugar to a boil over medium-high (without stirring).

Step 2

Continue boiling, undisturbed, until sugar reaches a dark caramel color, about 7 to 10 minutes. Add butter, and whisk until melted. Add cream, and whisk until smooth. Add bourbon and apple juice. Cook over medium-high, whisking constantly, until thickened, about 3 minutes.

Step 3

Pour mixture into a small heatproof bowl, and cool 10 minutes. Store, covered, in refrigerator up to 3 days.