Summarize:

The cream and the butter should be measured out, sitting next to the pan and ready to be added. Making caramel sauce is a fast process; if you are wasting time looking for ingredients when your sugar is burning, you're not going to end up with caramel sauce you'll want to eat. On medium-low heat, add the butter and sugar to a heavy-bottomed, 2- or 3-quart saucepan. Do not stir the sugar and butter as it dissolves. If you need to, swirl the mixture gently to combine the ingredients, but not much. You want the caramelization to start from the bottom and let it work its way up. Leave the sugar and butter mixture on medium-low for 5 to 8 minutes. Keep an eye on the caramel sauce. Swirl the mixture if necessary to prevent burning, but do not stir. If you find that you end up burning some of the sugar before the rest of it is melted, the next time you attempt your caramel sauce, add a half cup of water to the sugar at the beginning of the process. This is called a "wet" caramel sauce. (See below.) The wet caramel sauce recipe will help the sugar to cook more evenly, although it will take longer to cookthe water will need to evaporate before the sugar will begin to caramelize. After 5 to 8 minutes, the mixture should turn a light brown. You should still see small bunches of sugar crystals which have not yet crystallized. If sugar crystals start forming on the sides of the pan, use a brush to wipe them back down into the mixture. Continue cooking until the remaining crystals caramelize and bubbles start to form. The color should be deep auburn. This could take two minutes, or it could take another five. This is the time to really guard against burning. You don't want to leave the sauce unattended at this point. If you're worried about the sauce burning, you can turn the heat down to low. It's better to take a little longer cooking than to hurry the process and burn the caramel. Keep resisting the urge to stir. Swirl if you need to, but don't stir yet! After all the sugar crystals have caramelized, take the pot off the burner, and mix in the cream a little at a time. Now is the time when you can finally use a whisk to stir. Mix in the cream in small batches and stir vigorously. The mixture will foam up and grow in volume. As you mix in the rest of the cream, the sauce will turn a darker color. The sauce will keep on bubbling as the cream gets incorporated into the sugar and butter. Pour the caramel into a heat-resistant bowl or jar, through a strainer. Any uncaramelized crystals left will not make it into the final mixture. Except, of course, the caramel that you put on your ice cream! Store in the refrigerator for up to 2 weeks. Warm it up before serving.
Gather your ingredients. Combine the butter and sugar. Heat the mixture. Check the color. Keep the sauce on medium-low. Remove the pan from the burner. Strain the mixture. Let the sauce sit to cool to room temperature.