Step 1

Prepare the caramel mold. Line an 8x8-inch baking dish with parchment paper so that excess paper hangs over the edges. Coat the parchment and the sides of the baking dish with cooking spray.

Step 2

Melt the butter in the cream. Place the cream, butter, and salt in the 2-quart saucepan and heat over low heat until the butter melts. Remove from the heat, but keep the pan close by.

Step 3

Combine the sugar, corn syrup, and water. Place the sugar, corn syrup, and water in the larger 4-quart saucepan. Stir until the sugar is evenly moistened and it forms a thick, grainy paste. Wipe down the sides of the pan with a damp pastry brush so there are no sugar crystals above the surface of the sugar mixture. Clip a candy thermometer to the side of the pan so that the heat sensor is immersed in the sugar. Do not stir the sugar after this point.Note: The large saucepan is necessary because the sugar will bubble up and triple in size when you add the cream. Do not use a smaller pan.

Step 4

Cook the sugar syrup. Place the sugar mixture over medium to medium-high heat. Let the sugar syrup come to a boil without stirring. At first, you will see small bubbles around the edge of the pan, which will eventually move inward. Around 250°F, the sugar syrup will turn transparent and boil rapidly. Around 320°F, the syrup will darken slightly and smell caramel-like. You can proceed to the next step any time after the syrup reaches 250°F and before it reaches 325°F.Note: If your instant-read thermometer isn't quite submerged into the sugar, you may need to tilt the pan to get an accurate reading. Simply tilt the pan by the handle until the thermometer is submerged a few inches in the sugar syrup. If the syrup hasn't reached 250°, wipe down the sides with a pastry brush again. If it has, there's no need.

Step 5

Whisk in the cream and butter. Turn off the heat under the sugar syrup. While whisking gently, slowly pour the warm cream and butter mixture into the sugar syrup. The sugar syrup will bubble up and triple in size. Stop whisking once all the milk and butter mixture has been added.

Step 6

Heat the caramel to 245°F to 250°F. Return the pan to medium to medium-high heat. Let the caramel come to a boil without stirring. It will start off as a soft buttery yellow and eventually darken to reddish-brown caramel. Remove from the heat when the caramel reaches 245°F to 250°F.

Step 7

Whisk in the vanilla. Quickly whisk the vanilla into the caramel.

Step 8

Pour the caramels into the mold. Immediately pour the caramels into the mold. Do not scrape the pan (there are sometimes hard burnt bits on the bottom). Knock the pan against the counter a few times to help air bubbles work their way out.

Step 9

Let the caramels set. Set the caramels somewhere out of the way to set, for at least 2 hours or (ideally) overnight. Once the caramels have cooled to room temperature, you can cover the pan.

Step 10

Cut the caramels. When the caramels have set, lift them out of the pan by the parchment paper flaps and onto a cutting board. Cut the caramels into candies with a very sharp knife. If the caramels stick to your knife, spray your knife with cooking spray.

Step 11

Wrap the caramels in wax paper. Cut squares of wax paper a little longer than your caramels. Wrap each caramel in wax paper and twist the ends closed.