Add the sugar to the sauce pan and add the water. Place over medium heat.
Although you will find recipes that say, "do no stir", at this point you can, and I suggest you do: the sugar needs to be completely dissolved.
Once all the sugar is dissolved, turn up the heat to medium-high, until the liquid turns amber. Wet the brush with water, and clean the sides of the small crystals that form. Don't stir, but you can carefully swirl the pan.
After 10 to 15 minutes, the color turns from clear to a light honey, and after that, to amber. Once you hit that point - and not sooner - turn off the heat and add the heavy cream. The mixture will start to foam. Continue to mix, until the mixture settles down. Stir in the cream too soon and you don't have a caramel sauce, but a sugar sauce. Patience really is key.
Turn the heat back on, and let the sauce reach a temperature of 107°C/225°F.
Allow the mixture to cool, transfer to a jar and refrigerate.
Although the jar works well, I find that a squeeze bottle dispenser works better to be able to pour the caramel. This caramel has cream, therefor you need to refigerate it. It can be stored for a month in the fridge. Freezing works as well: that way, it keeps up to 3 months.
