In a heavy, medium saucepan, cook the granulated sugar over
moderately high heat, stirring occasionally, until melted. Continue
to cook, without stirring, until an amber caramel forms, about 3
minutes. Remove from the heat. Add the light brown sugar and stir
until smooth. Return the caramel to the heat and carefully add the
port; the caramel will harden slightly. Cook, stirring, until the sugar
dissolves. Add the cream and cook, stirring occasionally, until
thickened, about 6 minutes. Remove from the heat and stir in the
vanilla. Transfer the sauce to a pitcher and serve warm.
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