Line a baking sheet with parchment paper and lightly grease it to prevent sticking.

In a medium saucepan over medium heat, combine sugar, corn syrup, condensed milk, and butter. Stir until boiling and smooth.

Cook until the mixture reaches the soft-ball stage (234–240°F or 112–115°C).

Remove the mixture from heat and stir in vanilla extract and optional food coloring.

Pour the hot candy onto the prepared baking sheet and let cool for 5–10 minutes.

Once cool enough to handle, butter your hands and begin stretching and folding the candy for about 10 minutes.

Shape the candy into ropes or cut into squares. Wrap in wax paper for presentation.

Store in an airtight container at room temperature for up to 2 weeks.