In a medium saucepan, combine the sugar and 1/3 cup water over medium heat and cook, stirring occasionally, until the sugar is dissolved, about 2 minutes. Using a pastry brush, coat the walls of the saucepan with water to melt any sugar on the sides. Increase the heat to high and cook, undisturbed, until amber-colored, about 5 minutes. Remove from the heat.
Wearing oven mitts, slowly stir in 2 tablespoons cream, 1 at a time. Using a wooden spoon, stir the remaining cream into the caramel. Cook, stirring, over low heat until combined, about 3 minutes.
