Caramel Sauce

¼ cup cold water
1 cup sugar
1 cup heavy whipping cream

Combine the cold water and sugar in a tall heavy-bottomed medium saucepan. Bring to a boil over medium high-heat, stirring often. Cook, stirring occasionally, until the mixture is a deep caramel color and has the consistency of a thin syrup, 10 to 15 minutes.

Remove from the heat and whisk in the cream. The mixture will bubble up, so be careful. Return the saucepan to high heat, and boil the sauce until it regains the consistency of a thick syrup, about 2 minutes. Serve warm, at room temperature, or chilled. Yield: About 1½ cups.