Line a 9 x 6-inch baking pan with a 1-inch lip (or higher) of parchment so the excess paper comes up the sides. Spray top of parchment with cooking spray. Place pan wherever you plan to store it overnight for the caramels to cool. (If pan is moved while the caramels are hardening, it will cause the surface of the caramels to wrinkle.)
Place butter and cream in a microwaveable bowl with spout. Microwave 1 to 3 minutes until butter is melted. Set aside. In a medium saucepan, combine sugar, corn syrup, and water. Stir until sugar is just moistened and uniform, being careful not to splash any up the sides of the saucepan. Heat on medium until the mixture begins to boil. Stir once, then cover with lid for 1 minute. Continue to boil uncovered without stirring at all for 5 to 10 minutes, until mixture reaches 320 F on a candy thermometer and is a light amber color around the edges of the pan.
Turn off the heat. Slowly and carefully begin to add the cream/butter mixture to the sugar mixture a little at a time, whisking to incorporate. (It will boil intensely at this stage.) Turn burner back on to medium-high. Continue boiling without stirring until it reaches 240 F, 5 to 10 minutes. (240 F produces soft caramels. If you prefer slightly harder caramels, aim for 245 F.) Remove from heat and quickly whisk in vanilla. Pour into prepared 9 x 6-inch pan. Do not scrape the bottom of the saucepan if there’s a burnt layer. Let cool for 2 to 5 minutes, then sprinkle salt on top. (Test with a few flakes of salt every minute or so. If the salt begins to sink, wait another minute and try again.) Let rest overnight. Cut into 27 1 x 2-inch pieces and wrap in 5 x 5-inch pieces of parchment or wax paper. Store in airtight containers for up to a week.
NOTE: If you don’t have a 9 x 6-inch baking pan, makeshift a cardboard box to form the sides of a pan.
Per serving: 95 calories, 5 grams fat (3 grams saturated fat), 15 milligrams cholesterol, 69 milligrams sodium, 13 grams total carbohydrates, 0 grams fiber, 0 grams protein.