In a small saucepan, heat the cream and the corn syrup together. Turn the heat to medium-high, until it begins to simmer and the corn syrup dissolves, remove from heat and set aside
In a small ramekin, add 1/4 cup water and place at the side of the stove along with a pastry brush. You will use this later. Place the sugar and water in a small heavy-bottomed saucepan, and stir very gently, taking care not to splash the sides of the pan with water. Turn the heat to medium-high. Use the pastry brush and dip it in the water to brush away any bits of stray sugar crystals stuck to the sides of the pan. Continue cooking, while washing down any stray crystals, until the sugar reaches a medium amber.
When the sugar is amber, remove the pot from the heat. Then mix the butter into the caramel, stirring vigorously but carefully. Next, mix in the cream/corn syrup mixture into the caramel. It will sputter so be careful! Then add the vanilla and stir. If there are any clumps, set the heat to low and return the pan to heat, stirring until the caramel is smooth. Then strain the caramel through a fine-mesh sieve and transfer to a container. Let cool.