1 cup butter (no substitutes!)
2 1/4 cups packed light brown sugar
Dash of salt
1 cup light corn syrup
1 (14 ounce) can sweetened condensed milk
1 1/2 teaspoons vanilla extract
3/4 cup coarsely chopped nuts

Butter a 9-inch square pan and set aside (do not over-butter or the caramels will be greasy).

Melt butter in a heavy 3-quart saucepan over medium heat; stir in brown sugar and salt. Stir in corn syrup. Slowly pour in milk, stirring constantly until combined. Using a candy thermometer, cook to 248 degrees F (about 25 minutes), stirring occasionally (the mixture will be very bubbly). Remove saucepan from heat and stir in vanilla extract and nuts. Immediately pour into prepared pan. Let candy cool completely before cutting into 1-inch squares. Wrap each square in wax paper or plastic wrap and store in an airtight container at room temperature.

Makes about 2 pounds (about 64 pieces).

Make-Ahead Tip: Prepare and wrap caramels. Store tightly covered in a cool, dry place up to 2 weeks.