I've been tempted to try making candies and caramel sauce with honey for quite some time, but I've always been anxious about the potential of wasting large amounts of honey. I'm not certain what prompted me to finally do it, but I made caramel sauce today, using this recipe. Though I have recently re-embraced dairy, a couple of my loved ones are lactose intolerant, and as I intended to make this as a Christmas gift for one of them, I opted to try using coconut milk.
I boiled the milk/honey to 240F, then simply removed it from the heat—I did not use an ice water bath. The consistency turned out quite nicely, though it doesn't really taste like caramel sauce, as I remember it. And, with a whole cup of honey, I find it's too sweet. If I made it again, I'd reduce the amount of honey and use one with a more neutral flavour—mine was quite strong, woops.