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Combine the water and sugar in a medium saucepan over medium heat.
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Stir until the sugar is dissolved. Then bring the mixture to a boil.
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Cook, without stirring, until the mixture is medium amber colored, about 6 minutes. Gently shake or swirl the pan as needed.
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Meanwhile, heat the cream in a small saucepan over low heat, bringing it to just under a boil. Turn off the heat.
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Once the sugar mixture is amber colored, remove it from the heat and add the cream, whisking constantly. The mixture will bubble.
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Add half of the butter, one piece at a time, whisking until incorporated.
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Place the bottom of the pan in a cold water bath. Add the remaining butter and whisk until the caramel cools and thickens.
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Divide the caramel into two small mixing bowls. Cover with plastic wrap and place one bowl in the refrigerator to cool. Leave the other to cool at room temperature.
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Once the refrigerator caramel has chilled, beat it caramel with hand beaters or a mixer with a whisk attachment until it is light and fluffy, similar to buttercream.
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Transfer the whipped caramel and the regular caramel to separate piping bags.