Got this recipe from an old roommate from college. She said to put it on pancakes, but we like to just dip apples into it.
3 cubes real butter
3 cups white sugar
1 can evaporated milk
1 tsp. vanilla
Melt butter in a saucepan without boiling it. Add sugar and bring to a slight boil, just enough to dissolve the sugar. Remove from heat and add evaporated milk and vanilla. Then stir it all together. Chill in fridge. I guess its good warm on ice cream, but we haven't tried that yet.