Bring first 3 ingredients to a boil in a 1-qt. saucepan over medium heat, stirring often. Boil, stirring occasionally, 1 minute; remove from heat. Gradually whisk in powdered sugar and vanilla until smooth. Let stand 5 minutes, whisking occasionally. Use immediately.
I added a "splash" of bourbon, which really made this stand out! To the person who had caramel consistency, you probably didn't cook it quite long enough. Bring it to boil like the recipe states, and let it boil for 1 minute stirring the whole time.
This is a wonderful recipe. I have made it 2 times & all have loved it & raved about how pretty it is. I let it cool over night, & let the carmel drizzle down the sides a little it sure made it pretty. I took it to our Country Club Luncheon and everybody was talking , it looked like it came from some very expensive place. I gave the recipe to my family that lives in Virginia. I took pictures & put them on Facebook.
The frosting was absolutely addictive and delicious!!! The only problem I had was I could not get my frosting to look like the picture. Any suggestions??? Mine was the consistency of very think caramel.