Line an 11 x 7 in. dish with foil; spray the foil with non-stick cooking spray or grease with 1 tsp. butter.
In a large, heavy saucepan, combine the sugar, corn syrup and 1 cup butter. Bring to a boil over medium heat, stirring constantly. Reduce heat slightly to medium-low; boil gently without stirring for 4 minutes.
Remove from heat; gradually stir in milk. Cook and stir until a candy thermometer reads 236-244°, depending on where you live. (You want a higher temperature if you are at sea level, a lower temperature if you live at high altitudes. At 5,000', I boil to 238°.) Remove from the heat; stir in extracts. Immediately pour into the prepared pan. Let stand until firm, at least an hour or two.
Using the foil, lift out the candy upside down onto a cutting board. Remove the foil. Using a sharp knife, cut the caramel into 1x3/4 in. pieces. Wrap candies individually in waxed or cellophane paper; twist ends.