Melt butter in heavy saucepan over medium heat.

Add sugars, salt, and corn syrup.

Slowly add sweetened condensed milk.

Cook mixture over medium-low heat, stirring constantly until mixture reaches exactly 235°F on your candy thermometer.

Remove from heat and continue to stir for another minute. Add vanilla and mix well.

For sliced caramels, pour into a greased pan. Allow to cool before cutting.

For caramel popcorn, pour over your popcorn on parchment paper.

For caramel apples, let cool 7 - 8 minutes before dipping.