In a medium saucepan, heat sugar and 1½ tablespoons water over high heat, being careful not to splash sides of pan. (Mixture should be the consistency of wet sand.) Use remaining ½ tablespoon water to brush down sides of pan, and stir to help sugar dissolve. (Do not stir once mixture starts to boil.)
Cook until desired light amber color is reached. Remove from heat; slowly add cream, whisking to combine. Add butter, a few pieces at a time, whisking until combined.
Stir in bourbon, vanilla extract, cinnamon, and salt. Pour into a heatproof bowl and let cool for 15 minutes before using.
Notes
If you allow caramel to chill, microwave for a few seconds before using for a nice drizzling consistency.
Recipe by Victoria at https://victoriamag.com/creamy-rice-pudding-with-cinnamon-bourbon-caramel-sauce/