In a saucepan over medium-high heat, bring the water, syrup and sugar to a boil. Cook without stirring until the mixture turns golden brown. Off the heat, add the hot cream and butter. Beware of splattering. Bring back to a boil, stirring until the caramel is smooth.
Pour into a bowl and let cool. Cover and refrigerate for 2 hours or until completely chilled. Stir before serving.
The caramel sauce keeps for up to 3 weeks in the refrigerator, or freeze.
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