This old-fashioned favorite is made with virtually the same ingredients as caramel sauce but is cooked in a different way.

Cook, stirring, in a medium heavy saucepan over medium heat until the butter is melted and the mixture is combined:

Add and stir until dissolved:

Increase the heat to medium-high and, without stirring, boil the mixture until it begins to color around the edges, 4 to 8 minutes. Continue to cook, stirring until the mixture turns light brown. Remove from the heat and, standing back, pour in:

Stir until smooth. If the sauce remains lumpy, stir briefly over low heat. Remove from the heat and stir in:

Serve at once, or let cool, then cover and refrigerate for up to 1 month. Reheat in a double boiler.