1/2cupevaporated milkor heavy cream, or more, to thin the sauce
Grease the sides of a medium saucepan with oil or non-stick spray. Add butter, brown sugar, water, and salt to saucepan and cook over medium-low heat until the butter has melted.
Once the butter has melted bring the mixture to a boil. Reduce heat to a simmer and cook for 5-8 minutes until golden brown and thickened (keep in mind it will continue to thicken as it cools). Stir as it cooks, particularly the sides of the pan to prevent crystallization.
Remove from heat and stir in vanilla and 1/2 cup evaporated milk. Stir until smooth. Add more evaporated milk if you'd like a thinner consistency.
Store caramel sauce in a covered container or jar in the refrigerator for 1-2 weeks. Re-warm in the microwave for a few seconds, or on the stove over low heat.
Yields about 2 cups of caramel sauce.Butter: salted butter can be used. Reduce salt to 1/8 teaspoon, or to taste.For Salted Caramel: Use unsalted butter and replace salt with Sea Salt, adding extra salt, to taste.Freezing Instructions: Store in a freezer-safe container and freeze for up to 3 months. Thaw in the refrigerator overnight.