1
In a medium-sized saucepan over medium heat, mix butter, evaporated milk and two cups of sugar.
2
Heat and stir until sugar dissolves. Do not allow to come to a boil. Reduce heat to low.
3
In a small cast iron skillet on medium-low heat, melt the remaining half cup of sugar – stirring constantly until liquid and brown.
4
The sugar will crystallize about halfway through the process. Just keep stirring until it completely melts.
5
Pour the browned sugar into the saucepan and quickly stir to incorporate.
6
Stir regularly until the liquid reaches the soft ball stage, 235 F (113 C).
7
Remove from the heat and stir in the vanilla.
8
Wait ten to fifteen minutes and then dip, spread, or pour on your favorite baked goods.