In a heavy-bottomed saucepan, begin to heat the sugar over medium heat. Do not stir; simply swirl the pan gently until the sugar begins to melt and turns golden brown. Be careful not to burn it! TIP: Use a light-colored pan to better see the caramel color.
Once the sugar is completely melted, add the butter and stir gently until smooth. The mixture will bubble – this is normal, but be careful of the steam!
Remove from the heat and slowly pour in half of the heavy cream (125 ml). Stir until smooth, then let it cool completely at room temperature. This will be the caramel sauce.
Whip the remaining heavy cream until stiff peaks form, ensuring that both the bowl and the cream are cold. This will give you a beautiful, stable whipped cream for the parfait.
In another bowl, combine the sweetened condensed milk, vanilla extract, and about 2/3 of the cooled caramel sauce. Set aside the remaining caramel for decoration.
Gently fold the whipped cream into the caramel base. Be careful not to deflate the whipped cream – this will keep the parfait light and airy.
Pour the mixture into small molds or a larger dish and smooth the top. Cover with plastic wrap and place in the freezer for at least 6 hours, but preferably overnight.
Remove from the freezer 5-10 minutes before serving. Decorate the top with the reserved caramel sauce and a little whipped cream, if desired.
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