James Peterson's Butterscotch Sauce

Directions

1. Makes 1 Quart
2. 1. Prepare a caramel by melting the granulated sugar in a 4-quart heavy bottomed saucepan (large enough to prevent boiling over).  When it is a deep reddish-brown, stand back and pour in half the water
3. 2. When the water has stopped boiling, add the rest of the water and the butter.  Cook the mixture to the soft ball stage (see note below).
4. 3. Add the cream and the vanilla extract.  Continue to simmer the sauce until it attains the desired thickness.
5. Note:
6. To judge when the sugar syrup has reached the soft ball stage (234 - 240°F or 112 - 116°C), dip the back of a spoon into the syrup and then quickly into a glass of cold (but not iced) water.  Pinch the end of the spoon two fingers.  The syrup should form a gum-like mass on the end of the spoon.