Place the sugar and water in a saucepan. Dissolve the sugar in the water and bring to a boil. Brush the sides of the pan down with a pastry brush dipped in water to dissolve any sugar crystals that may form.
While the sugar is cooking, place the peaches and cream in a blender. Puree until completely smooth. If your blender isn't able to make it totally smooth, strain any lumps out through a fine mesh sieve.
When the sugar turns a medium amber brown, pour in half of the peaches and cream mixture. The mixture will bubble up quite furiously, so I'd recommend wearing a pear of oven mits or gloves while doing this. When the bubbling calms down a little, add in the remaining peaches and cream, the butter, and the salt.
The caramel will begin bubbling intensely again. Stir with a wooden spoon and allow to boil until the mixture is fully combined and smooth.
Remove from heat.
Store in an airtight container in the refrigerator.
Will keep for several weeks.
Recipe by The Kitchen McCabe at https://www.thekitchenmccabe.com/2014/09/04/fresh-peach-caramel-sauce/