Meanwhile, in 1-quart saucepan, heat 1 1/2 cups granulated sugar and the water over medium-high heat until bubbles form and mixture is simmering. DO NOT STIR. Occasionally lift saucepan from heat and gently swirl mixture while sugar is heating. In about 10 minutes, sugar will start to caramelize. Simmer until mixture is a rich, dark amber color. Reduce heat to low. Stir in whipping cream with whisk until mixture is blended and smooth.