Caramel Sauce

Combine sugar and water in a small, heavy-bottomed pot. Bring to a boil over medium-high heat, stirring occasionally. Cook, without stirring, until the syrup turns amber, about 15 minutes. (Take care not to burn it.) Remove from heat and cool for 2 minutes.

Using a wooden spoon, stir in butter. Gradually stir in milk. Return to the heat and cook, stirring, until the caramel has dissolved, about 1 minute. Stir in molasses and vanilla. Serve warm.