Melt the butter in a heavy saucepan over medium-low heat.
Add the remaining ingredients, raise heat to medium-high and bring to a boil, stirring constantly (will take 5-10 minutes).
Lower heat to medium or medium-low (you want to keep a very low boil) and cook for 3 minutes, stirring constantly (really- this is not the thing to walk away from! It will burn...I know from experience!).*
Remove from heat, let cool a bit and then pour into a serving bowl and serve warm.
Refrigerate any leftovers. Microwave a few seconds to soften before using again.
*If it does burn, don't despair, here's how to save it:
Remove the pan from the burner and quickly pour the dip into a fine-mesh strainer over a bowl, but DO NOT scrape the bottom. Just leave all that crusty burnt stuff.
Push caramel through the strainer, leaving any browned bits in strainer. There may be a few small brown flecks in the dip, but it doesn't taste burned when eating.
Storage: This caramel dip stores in the refrigerator for a couple weeks. It will harden somewhat and need to be softened before using again.Other uses:
Ice cream topping
Apple pie topping
Dip for graham crackers
Layer in a chocolate bar cookie
Caramel Apples? You can experiment coating apples and keeping them cold to keep the caramel on the apple, but I haven't tried it.Nutrition listed is for full sugar recipe - Nutrition for lower sugar version is:Serving: 2tablespoons | Calories: 175kcal | Carbohydrates: 27g | Protein: 2.7g | Fat: 6.8g | Saturated Fat: 4.3g | Cholesterol: 22mg | Sodium: 71mg | Sugar: 25g