In a heavy 3 quart sauce pan, melt butter. Add sugar and mix until well blended. Stir in corn syrup; cook until sugar has dissolved; remove pan from heat. Stir in sweetened condensed milk' cook over medium heat, stirring gently and constantly until mixture reaches the soft ball stage (240°) on a candy thermometer, about 20- 30 minutes. Add vanilla.
Pour hot mixture into buttered pan. Cool. Use a spatula to remove from pan. Cut into 36 caramel; wrap individually.
I think you can now buy decorative candy wrappers either on line or in specialty kitchen shops. I happen to love the waxed paper approach...so authentically homemade.