Grease an 8x8-inch baking pan.

In a medium saucepan over medium-high heat, add the sugar, corn syrup, butter, and 0.25 cup of cream. Bring to a boil, stirring continuously.

While continuing to stir, add the remaining cream. Insert a candy thermometer and while constantly stirring, bring to the soft ball stage. Around 240°F, the sugar syrup will turn transparent and boil rapidly.

When it hits 240°F, remove caramel from the heat and stir in the vanilla. Pour into the prepared baking pan.

While still warm, use a toothpick to pop any air bubbles that rise to the top. Allow to cool overnight.

Use a thin knife or small offset spatula to loosen the caramel block from the pan. Transfer the block to a cutting board and cut into desired size and shape. Wrap individually in wax paper if desired.