Prepare the 4 ingredients and set them within easy reach of the stove.
Add the sugar and water in a heavy-bottomed light-colored pan.
Set on medium heat and gently swirl the pan until the sugar has dissolved. If there are sugar crystals forming along the sides, dip a pastry brush in a little water to brush the crystals away.
When the sugar has fully dissolved, up heat to medium high and carefully watch the sugar change in color. Do not walk away and observe the color change. This will take ~ 5 minutes. The sugar may brown in a twinkle of an eye, so watch carefully.
Once the sugar syrup reaches a rich golden copper color, turn off the heat and immediately add the butter and heavy cream, whisking briskly.
Keep whisking until the butter and cream are fully combined and the caramel is smooth and shiny.
Transfer immediately to another pan and cool completely. Store in an airtight container in the refrigerator for up to 2 weeks.