To a heavy bottomed skillet or pot over medium heat, add the butter and cook until it begins to brown, 4-5 minutes. Be sure to stir often so it does not burn.

Add in coconut milk or heavy cream, sweetener and vanilla extract. Turn heat down to medium low, and cook for several more minutes, stirring occasionally. Once the mixture thickens to a syrup-like consistency, remove from heat. Caution: Do not try to thicken further, or it will begin to separate. If it begins to separate, stop heating right away and drain off the excess oil.

Use immediately, or store in the fridge for up to a week. To reheat, do not microwave. Submerge covered container in hot water until caramel has softened.