Measure out all your ingredients and have them ready because once you've started cooking you won't have time to do it before it burns.
Put water in bottom of pan on stove. Add brown sugar and light corn syrup.
Turn burner on to high. Watch sugar melt and begin to bubble, but don't stir. Remove from heat when it begins to turn brown.
The longer it cooks, the darker it becomes and it also gets less sweet.
Quickly add sweetened condensed milk and butter with a whisk.
When completely melted in, add vanilla and stir until combined.
Cool caramel in pot and use immmediately or transfer to container in fridge until ready to use. Will keep in the fridge until the best before date on the cream that you used to make it. To use it from refrigerator, warm in microwave to make it soft again.
If making an apple dip, you can add 1/2 tsp of cinnamon with the vanilla.