Warm Caramel Sauce

Place granulated and brown sugars in a 2-quart saucepan, spreading sugar evenly. Heat over medium-high heat (do not stir). Heat until some of the sugar is melted (it should look syrupy). Reduce heat to medium-low. Begin to stir only the melted sugar to keep it from overbrowning, and then gradually stir it into remaining sugar as it melts. Continue to cook until all the sugar is melted (should take about 8 minutes total).

Remove from heat. Carefully stir in hot water (mixture will spatter and sugar will become hard). Heat and stir over medium heat until the sugar melts and no hard lumps remain (should take about 3 minutes). Use a whisk to gradually whisk in whipping cream. Stir in honey. Bring to boiling over medium heat. Reduce heat to medium-low and boil gently, uncovered, for 8 minutes. Remove from heat. Whisk in butter and vanilla. Cool about 1 hour (sauce will thicken as it cools.) Serve warm over ice cream. (Cover and chill any leftovers for up to 3 days. To reheat sauce in your microwave oven, allow 15 to 30 seconds on high power.) Makes about 1-1/2 cups.