In a heavy saucepan, combine the sugar and the water. Stir to combine and then cook over medium heat until the sugar dissolves; about 4-5 minutes. There is no need to stir, simply swirl the pan over the burner occasionally as the sugar dissolves. Raise the heat to medium high and cook the sauce, swirling the pan occasionally, until it is amber colored; about 7-8 minutes. Do not step away. Caramel will go from amber to burnt in just moments.
Remove the pan from the heat and very slowly add the cream, whisking or stirring constantly. Be careful not to scrape the sides of the pan, if some of the sugar has crystallized there. Add the bourbon and the salt and stir again to combine. Pour into a glass jar and use immediately or let cool and refrigerate until ready to serve. Reheat in the microwave for about 30 seconds before serving. Enjoy!