set up an ice bath to quickly cool the caramel in a large bowl or in the sink.

Combine the water and the sugar in a medium saucepan. Blend together. Wipe down the sides of the pan with a wet paper towel to help prevent crystals from forming in the caramel

Heat the sugar mixture over medium heat until the mixture comes to a full boil. Do not stir the pan.

Stir in the corn syrup being careful not to get much on the sides of the pan.

Place a candy thermometer onto the side of the cooking syrup.

Continue to boil until you just start to see the mixture begin to brown and then the whole caramel turns to a honey color. Do not leave this unattended.

Let the mixture reach 310° on a candy thermometer.

Carefully remove the pan from the heat and place into the ice bath to stop the cooking process. You only need to place it in the bath for a minute just to prevent it from getting too dark.

Let the mixture cool for another 2 minutes.

Add the cream, butter, and salt. Be careful as the caramel is still very hot and may sputter.

Stir until the butter is melted and all the ingredients have been incorporated. If there are some hardened bits of caramel that are stubborn to melt together, place the pan back on the heat for a few seconds at a time to melt the caramel and continue to stir until everything is smooth. It will take some effort and may seem like there is just a big clump of caramel. But keep going it will blend eventually.

Let the caramel cool for 20 minutes.

Stir in the peanut butter and vanilla, blend until it is thoroughly combined.

Let cool for 1 hour.

The finished caramel can be stored in the fridge for 2 weeks, or even frozen and rethawed.