Taken from Emeril's Creole Christmas Cookbook --- I have made it in the past with great results it's a great sauce to use on pies, bread puddings and cake slices --- can use half white and brown sugar.
In a small heavy-bottomed saucepan combine sugar and water; bring the mixture to a boil, stirring often.
Cook stirring occasionally until the mixture is a deep caramel color and has the consistency of a thin syrup (about 10-15 minutes) remove from heat and stir in the whipping cream; return saucepan to high heat and boil the sauce until it regains the consistency of a thick syrup (about 2 minutes); cool.
The sauce can be refrigerated until ready to use (allow it to reach room temperature before drizzling).