Scoop out the coconut cream from your chilled can of coconut cream (or coconut milk) and let it sit at room temp for 10 minutes. The colder the coconut cream is, the more it will splatter when added to the caramel.
Add sugar and water to a saucepan over low heat. Stir to dissolve the sugar, then turn heat up to medium. Simmer the sugar undisturbed to caramelize (about 5 minutes), keeping a close eye on it as it burns easily. You can swirl the pan occasionally if you're worried about it burning, but do not stir or the sugar will crystallize.
Once the sugar turns amber, turn down the heat and add coconut cream (be careful of splashing). Stir constantly until completely dissolved and no clumps of sugar are left.
Turn heat back up to simmer the caramel, stirring frequently, for about 5 minutes or until slightly thickened.
Remove from heat and stir in vanilla extract and salt (if using). Cool in the pan for 5-10 minutes, then transfer to a jar and cool to room temperature. Cover and store in the fridge (it will thicken more in the fridge).
Notes
COCONUT CREAM: Chill a can of coconut cream or coconut milk in the fridge the night before. Scoop out the creamy layer on top (leave the liquid behind). NUT/SEED BUTTER: For a thick caramel that you can use in candies, add 2 tbsp of nut/seed butter. Note that the flavor will change slightly depending on the kind of nut/seed butter used. For a more neutral flavor, use almond butter or cashew butter.