In a medium saucepan over medium heat, combine the sugar and cold water.
Continue to stir and cook until mixture turns a medium to dark amber color.
Add the butter to your caramel, and stir to combine, about 1-2 minutes.
Once butter is completely melted, slowly drizzle the cream into the caramel.
Allow the caramel to boil for 2 minutes.
Remove from heat and add the vanilla and salt.
Allow caramel to cool down and thicken before using.
***Caramel will bubble up in pan when you add the butter, as well as the cream. This is natural due to the butter/cream being colder than the caramel. Be careful while stirring***
Krispy Treats:
In a large saucepan, melt the butter over low heat.
Add the marshmallows and 1 cup of the salted caramel, stirring over low heat until marshmallows are melted.
Remove pan from the heat and add the cereal and apple pieces to the marshmallow mixture.
Stir until all of the cereal is coated.
Pour mixture into prepared pan and press down firmly.
Drizzle with more salted caramel as desired and allow to cool before cutting into squares.