Place 1 cup butter into a saucepan and melt it over medium-high heat.
Add 2 cups sugar and 1 can evaporated milk. Bring it to a boil, stirring constantly. Let it boil for 3 minutes.
Remove the pan from the heat and add 2 teaspoons vanilla and a dash of salt. Stir to combine.
Allow it to sit for 3-4 minutes to thicken.
Serve over pancakes, waffles, ice cream, warm peach cobbler, or enjoy directly.
