In heavy 1-quart saucepan, combine sugar, corn syrup and water. Cook over medium-high heat 10 minutes, gently swirling occasionally, until mixture turns dark golden brown. Add 1/3 cup of the whipping cream and the vanilla; stir until bubbling stops. Remove from heat. Stir in butter until smooth. Divide caramel evenly among mini muffin cups. (You’ll have about 1/3 cup caramel left over. Store in refrigerator.) Sprinkle pecans evenly over caramel. Let stand 15 minutes.