In a small, heavy saucepan, combine the sugar and water and bring to a boil, stirring often. Cook, stirring occasionally, until the mixture is a deep caramel color and has the consistency of a thick syrup, 10 to 15 minutes. Remove from the heat. Stir in the cream, return the saucepan to high heat, and boil the sauce until it regains the consistency of a thick syrup, about 2 minutes. Let cool.
The sauce can be refrigerated until ready to use. Allow it to reach room temperature before using it.
Yield: about 3/4 cup