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If you have time, use the sauce to ribbon some homemade marshmallows.

Scrambling for a last-minute gift can really gum up the works during these festive, harried times. Every year, it invariably happens, bringing merrymaking to a Scrooge-like halt. To the rescue, my go-to gift: a bourbon-kissed honey caramel sauce that takes about 15 minutes and a collection of pantry staples to make.

Among the recipe's virtues is its immense adaptability. If all your bourbon is destined for eggnog, the sauce can be made with whisky or rum; if your beneficiary doesn't do booze, leave it out and double the vanilla-bean paste.

If I know the recipient enjoys a balance of salt in their sweets, both the bourbon and vanilla bean bow out to make room for one or two teaspoons of toasted white miso stirred into the hot cream. (To follow my lead, smear shiro miso against the surface of a small saucepan. Cook over medium heat, scraping and smearing the miso all the while, until aromatic and slightly thickened. Add cream, a splash at a time, until combined.)

The caramel is, as you'd expect, heaven on ice cream and can also dress up the plainest of pound cakes. A dollop added to hot chocolate or coffee is welcome, as is a bit sandwiched between gingerbread cookies.

If time is on my side, I use the sauce to ribbon what has long been my holiday showstopper – homemade marshmallows. Cut large and treated like a stand-alone confection rather than a minor garnish, marshmallows are a bit of holiday magic. They are springy, with a tender fluff at their centres, and a sweetness that is soothing rather than headache-inducing. They melt lusciously, too.

For years I've accepted praise for them while hiding a wicked secret: marshmallows are shockingly easy to make. And as it takes as much wherewithal to make a large batch as it does a small, you can knock up enough for a crowd without a fuss.

A slightly thicker caramel sauce is best for layering in between marshmallows. I lay a base of plain marshmallow down first, then ripple the caramel into the rest carefully, without digging too deeply into the bowl. Maintaining a border of unmarred candy around the caramel makes slicing easier.

Marshmallows can be made with a base of egg whites, corn syrup or liquid glucose. Corn syrup – the old-fashioned kind that's been used for ages in candy making – means no leftover yolks and no fear of under or overcooking the whites.

Servings: About 35 large marshmallows

Caramel

1/2 cup heavy cream

1 cup granulated sugar

1/2 cup honey

1/4 cup water

2 tsp bourbon

1 1/2 tsp vanilla bean paste

1/2 tsp medium-grain kosher salt

Marshmallows

1 1/2 cups icing sugar

3/4 cup cornstarch

Butter or non-stick spray for greasing

6 (0.25-oz) packages unflavored gelatin

1 1/2 cups cold water, divided

4 cups granulated sugar

1 1/3 cups white corn syrup

 1 tsp vanilla-bean paste or 2 tsp vanilla extract

 1/2 tsp medium-grain kosher salt

Method

Make the caramel first. To begin, heat the heavy cream in a microwave-safe liquid-measuring cup or a small saucepan on the stove. Set aside.

Stir the granulated sugar, honey and water together in a heavy saucepan. Place the pan over medium-high heat and bring to a boil, without stirring. Let the syrup cook undisturbed until it is a deep amber colour and wisps of smoke start to form, 5 to 7 minutes. Knock the heat down to medium. Add the bourbon 1 tablespoon at a time – the caramel will bubble up and sputter, so take care, then swirl the pot to combine. Stepping back a little, pour in the hot cream. The caramel will send up a good puff of steam, hence the distance, then might seize. Use a wooden spoon or heat-safe spatula to stir the caramel smooth, making sure to scrape the bottom of the pan. Stir in the vanilla and salt and cook for 1 minute more. Remove the caramel from the heat and set aside to cool. If this is all you have time to do this year, see notes at the bottom for festive gifting.

To make the marshmallows, combine the icing sugar and cornstarch in a fine-meshed sieve. Sift the mixture into a bowl and set aside. Thoroughly grease a 10- by 15-inch baking pan with butter or non-stick spray. Dust with an even layer of the icing sugar mixture. Grease a spatula or spoon and offset spatula to use later.

In the bowl of a stand mixer with the wire whisk attached, sprinkle the gelatin over 1 cup of water. Stir with a spoon, making sure all the gelatin is damp, then leave to bloom for 10 minutes.

Stir the sugar, corn syrup and remaining 1/2-cup water in a heavy-bottomed saucepan. If any sugar is clinging to the sides of the pan, brush down with a wet pastry brush. Bring the syrup to a hard boil over medium-high heat. Once the syrup boils vigorously at its centre, boil for 1 minute more. (If you have a candy thermometer, clip it to the side of the pot at the start of the process. The syrup should reach between 240 to 250 F.) Pull the pan off the heat.

With the mixer on low, pour the syrup in a steady stream down the side of the bowl and into the gelatin – you want to keep the hot syrup off the beater so it doesn’t spray. Once all the syrup has been poured in, turn the machine up to high. Add the vanilla and salt, and continue beating until the marshmallow is billowing and tripled in volume, 8 to 10 minutes. While the mixture is whipping, check the caramel. If it is too firm to pour, rewarm over low heat until flowing.

This next part takes a bit of attention, so work quickly but don’t rush.

When the marshmallow is sufficiently fluffed, use the greased spoon to spread a layer in the prepared pan. Quickly drizzle the caramel over the marshmallow remaining in the bowl, then fold to marble, but avoid stirring all the way to the bottom of the bowl. Scoop this rippled marshmallow into the pan, then use the greased spatula to smooth the top. Sift over enough of the icing sugar mixture to cover, reserving what’s left. Refrigerate the marshmallow for at least 3 hours to firm up.

Run a thin knife in between the marshmallow and the side of the pan to release it from its confines, then flip it out onto a work surface. With a greased knife, cut the slab into 2-inch pieces, dredging each in the icing-sugar mixture and shaking off any excess. Store in an airtight container in the fridge for up to one week.

Notes: To turn the caramel into a sauce for gifting, add 1/4 cup unsalted butter, cut into small pieces, after the bourbon and increase the heavy cream to 1 cup. Toasted nuts (such as pecans or walnuts) or seeds (sesame or pumpkin) can be added. The caramel should be refrigerated for storage, and reheated before use.

Caramel marshmallows should be refrigerated: If left at room temperature too long, the caramel will begin to ooze, and the marshmallow layers may experience an irrevocable tectonic shift. If the marshmallows are made without the swirl, they can be stored in a sealed container at room temperature.

Vanilla-bean paste is my preference for marshmallows as it blends easily, and freckles the candy with seeds. Scraped seeds from a bean can clump if the pod isn’t fresh.

The marshmallow recipe can be halved, and prepared in either an 8-inch or 9-inch square pan.

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