Melt the butter in a saucepan over medium high heat. Add the sugar and cook, stirring occasionally, until sugar is melted and mixture is a deep amber color (about 4 to 6 minutes).
Remove from heat. Gradually stir in cream.
Return to heat and cook until smooth, about 2 minutes.
Heat waffles gently, top with cream and your choice of fruit, drizzle caramel sauce generously over and serve.