1In a medium saucepan, combine the sugar and water. Using a wet pastry brush, wash down the side of the saucepan to remove any sugar crystals. Cook over high heat until a medium-amber caramel forms, about 8 minutes. Remove from the heat and stir in the cream. Return to the heat and cook for 1 minute, stirring the caramel until smooth. Transfer the caramel to a bowl and let cool.
MAKE AHEAD The sauce can be refrigerated for up to 1 week. SERVE WITH Chilled Grapefruit-Caramel Meringue Pie