Place the butter, brown sugar and granulated sugar in a small saucepan over medium heat on the stove. Stir until melted and combined.

Mix in the light corn syrup, evaporated milk and heavy whipping cream until it comes to a boil.

Boil until the mixture is 250 degrees.

Take the saucepan off of the heat and stir in the vanilla extract.

Pour the mixture into a well greased baking dish and let cool to room temperature.

Chill the caramel in the fridge until hardened enough to slice before serving.