8 tablespoons (1 stick) salted butter
    1 cup sugar
    1 cup heavy cream
    1/4 teaspoon vanilla extract

Melt the butter in a large saucepan. Stir in the sugar and cook over medium heat, stirring occasionally with a heatproof utensil, until the mixture begins to caramelize and turn an amber color.

When the caramel has turned somewhat reddish and has begun to smoke, watch carefully, and just when it looks and smells as if it is about to burn, remove from the heat and quickly pour in the heavy cream. (Be sure to use a large pan with high sides because the cream will bubble up.)

Stir the caramel until the sauce is smooth and creamy. Add the vanilla. Cover and store the caramel sauce in the refrigerator for up to 1 week.

Rewarm before serving. (The microwave works beautifully for rewarming caramel sauce.)

Per serving (per 1/4 cup): 247 calories; 18 g fat (12 g saturated fat; 67 percent calories from fat); 21 g carbohydrates; 60 mg cholesterol; 108 mg sodium; 0.5 g protein; 0 g fiber.

 From "Room for Dessert" by David Lebovitz (Harper Collins).