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My new favorite caramel corn is from Popcornopolis. Its caramel coating is lighter in color and flavor than the dark molasses-heavy caramel coating on old-school caramel corn, like Cracker Jack. The flavor is more buttery, like butter toffee, with just a hint of molasses knocking at the back door.
To assemble this hack I worked with several versions of butter toffee candy, adding light brown sugar to bring in the molasses, and after several attempts finally landed on the just the right combination of ingredients to best duplicate the flavor, color, and texture of the real thing.
You'll want a candy thermometer for this recipe for the best results, but if you don't have one you can estimate when the candy is done by using the time cue in the steps.
Vanilla is added at the end, so we don't cook out the flavor. You'll also add a little baking soda at the end, which will react with the acid in the molasses and create tiny air bubbles so the hardened candy has a more tender bite to it.