Set your ingredients out on the counter at least 45 minutes prior to starting the caramel.

In a clean, heavy bottom saucepan slowly add the sugar to the middle of the pan. Pour in the water. DO NOT STIR. Allow the water to absorb the sugar before turning the heat on to medium-high.

It's pretty hands free from here on out until the sugar has caramelized. First, bring the sugar/water mixture to a boil. STILL DO NOT STIR. Just watch closely as it will turn from clear, to a champagne color and then to several stages of amber. Once the sugar has caramelized and is a deep (but not dark) golden amber in color, remove off of the heat and turn the burner off.

Whisk while pouring in the heavy cream being careful of the steam. Then carefully drop in the butter and whisk until combined. Whisk in the vanilla, bourbon and flaked sea salt and return the pot to the warm burner. Allow the caramel to heat (with the temperature off) for a minute while you whisk. Cool the caramel sauce in the pan for about 10 minutes before pouring the caramel sauce into a heat-safe container.

Allow the caramel to cool on the counter for 1 hour or until at room temperature, where it will thicken up quite a bit. Alternatively, you can pour the caramel sauce into a bowl, set into a large bowl filled with ice to speed the cooling process along.

Secure a tight fitting lid and store in the fridge for up to 2 weeks.