1 cup sugar
½ cup light corn syrup
½ cup water
1/2 cup (one stick) unsalted butter, cubed
¾ cup sweetened condensed milk
¼ cup heavy cream
Water to adjust consistency
Combine the sugar, corn syrup and water in a medium-sized sauce pot and cook over medium heat until the mixture becomes dark amber in color.
Remove from burner and add butter until fully incorporated. Reduce the heat to a low temperature and return to burner. Keep whisking until the mixture is smooth.
Add the condensed milk and then the heavy cream. The sauce should continue browning. Add at least 2-4 oz. water to the caramel mixture when hot to achieve the desired consistency. Cool and serve at room temperature.
To Store: Pour into an airtight container and refrigerate for up to one week. Allow to set at room temperature before serving.
Tip: Be sure to add the additional water when the mixture is still hot; if it cools it will be too hard to incorporate the water.