Place all the ingredients except the vanilla into a saucepan.
Heat over medium heat, stirring the whole time, until the mixture comes to a boil.
Once the mixture comes to a boil, boil for 1 minute.
Remove from heat and stir in vanilla.
Place in a clean glass jar, I use a canning jar with a lid. Refrigerate until ready to use.
This sauce may be heated before drizzling on ice cream for a warm caramel sauce.