Place sugar and water in a heavy bottom sauce pan over medium heat and gently stir to combine.
Let mixture cook without stirring until it turns a slightly dark amber colour and remove from heat immediately. Keep an eye on it as it will burn quickly.
While whisking, slowly pour the heavy cream carefully as once the cream hits the caramelized sugar, it will bubble.
Whisk in butter until melted. Add vanilla, bourbon and sea salt and slowly whisk until combined.
Let caramel cool slightly before serving. Caramel can be stored in a sealed glass jar and refrigerated for up to a week. Reheat to melt.