Put the sugar in a small saucepan over medium to medium-high heat and whisk constantly until it melts into a deep amber syrup, about 3 to 5 minutes. Watch carefully so it does not burn.

Add the butter to the melted sugar and whisk until fully blended and smooth. Reduce the heat to low. Slowly pour in the heavy cream, stirring well until the caramel is smooth and combined. Remove from the heat and let it cool completely. If it becomes lumpy, return it to the stove briefly and stir until smooth again.

In a medium bowl, whisk together the sweetened condensed milk, vanilla, and half-and-half until smooth.

In a separate bowl, beat the heavy cream with a hand mixer or stand mixer until stiff peaks form, about 1 to 1 1/2 minutes.

Gently fold the condensed milk mixture into the whipped cream until you have a smooth ice cream base.

Fold in the caramel popcorn carefully so it is evenly spread throughout the mixture.

Spread half of the ice cream base into an 8 x 8-inch pan or a similar freezer-safe container.

Spoon half of the cooled caramel over the surface.

Add the remaining ice cream base, then drizzle the rest of the caramel on top.

Lightly swirl the caramel through the mixture with a knife or fork, without overmixing, so ribbons of caramel remain visible.

Freeze uncovered for 3 to 5 hours, or until firm. For a firmer texture, leave it overnight.