Combine the water and sugar in a medium saucepan. Give it a stir then set it to medium to medium high heat for 11-13 minutes until it turns a copper/iced tea color.
Remove pan from heat and whisk in the cream followed by the butter. Once the butter has melted, whisk in the vanilla, bourbon, and salt. Pour the caramel sauce into a heat proof jar and allow to cool slightly. Mixture will thicken up as it cools.
Notes
Recipe from Minimalist Baker's 4-Ingredient Bourbon Caramel Sauce and Gimme Some Oven's Bourbon Caramel Sauce.