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Add ½ cup of unsalted butter, 1 cup of light brown sugar, ½ cup of corn syrup, and 7 oz. of sweetened condensed milk into a large saucepan.
Heat over medium-high heat. Stir constantly until the mixture starts to bubble.
Slowly stir in 1 Tbsp of heavy cream. Place a digital thermometer in the pan at this point. Continue to stir until the caramel reaches 225 F / 107 C (just below soft ball stage).
Remove from heat and add 1 tsp of vanilla and 1 tsp of salt. Pour into a separate container to let the caramel cool. Cover the bowl once the caramel has reached room temperature. This can be stored at room temperature for up to 2 days, or a month in the fridge.