Step 1 Start by making the caramel. In a medium sized pot combine the water and Swerve. Set over medium heat and bring to a simmer. Continue to simmer for 5-7 minutes until it turns golden and has reduced. Whisk in the butter, cream, vanilla, and salt. If it’s too thin keep simmering until it is slightly thick. Note: it will thicken as it cools as well.