Pour the cream or milk into a small saucepan and place on a low to medium heat.
Add the salt to the saucepan and stir to dissolve.
Bring to a steady simmer, and then add the honey. Stir to dissolve.
Bring the mixture to a steady, low boil, and stir frequently. It takes about 15 minutes to get to the desired consistency. If you have a candy thermometer, it should read between 225 and 250 degrees F when it's ready. I usually watch until it starts getting darker and thicker. Keep stirring while it's boiling.
The longer you boil it, the less pourable it will be at room temperature. So if you want it to be liquid caramel, don't boil it as long. If you want firm caramel at room temperature, boil it until it is almost burning, and the color is clearly darker than when you started.
When ready, turn the heat off and place the bottom of the saucepan in an ice water bath to stop it from boiling. Avoid getting any water in the saucepan. You don't have to keep it in the bath that long, just long enough that you can still work with it to coat things or pour it into something.
Once it is cooled, you can serve it, and store in the refrigerator in a sealed container/glass jar.