Whisk together all ingredients except water in a small, heat-safe bowl. Taste and add more sugar if desired. Heat in the microwave in 30-second increments until sugar is dissolved, up to 1 minute. Alternatively, whisk in a small saucepan over medium high heat until sugar is dissolved.
Remove from heat and pour the caramel into a serving container. Whisk if slightly separated.
For a more syrupy, drippy consistency, once cool, whisk in water 1 teaspoon at a time until desired consistency is reached. Enjoy immediately! Can be stored refrigerated up to a week.
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