I got this recipe from foodnessgracious.com, and it is the best caramel I've ever made. The flavor is superior to regular homemade caramel.
8 Tbsp butter 2 cups sugar 2 cups heavy cream 1/2 cup corn syrup 2 tsp vanilla
Grease an 8×8 pan. Melt the butter and continue to cook until golden brown. The darker the color, the richer the flavor, but be careful not to let it burn! Once browned, add sugar, cream, and corn syrup. Cook until 245 degrees on a candy thermometer, more or less depending on altitude and chewiness desired. I take mine off at 240 degrees. Remove from heat and add vanilla. Pour into prepared pan and cool. Once cooled, cut into squares and wrap pieces. Store in a covered container.