Toffee Sauce

1/2 c. butter
2 c. brown sugar
1 c. lite corn syrup
2 T. water
1 {14oz.} can sweetened condensed milk
1 t. vanilla extract

in a medium saucepan over medium heat, melt butter. Stir in brown sugar, corn syrup, water and condensed milk. Cook and stir until thickened. Remove from heat and stir in vanilla.