I have just successfully attempted a recipe for carmels that takes six minutes and uses ingredients that I always have on hand. You can't control the texture quite as finely as you can with stovetop caramels, but still, I'm quite impressed with the result. For a tasty flavor contrast, sprinkle some flaky sea salt on top after you pour into the dish.
For an extra treat, save the rest of the condensed milk, and stir a spoonful into your coffee.
¼ cup butter
½ cup white sugar
½ cup brown sugar
½ cup light corn syrup
½ cup sweetened condensed milk
Combine all ingredients. Microwave six minutes, stirring every two. Stir once more and pour into lightly greased 8x8 dish. Let cool. Slice into small squares and wrap in wax paper.