In a 12-inch (30-cm) skillet over medium-high heat, combine the sugar and 1/4 cup coconut water. Cook, occasionally swirling the skillet to help the sugar dissolve and to encourage even browning, until the caramel is mahogany in color and smokes lightly, 5 to 7 minutes.☞ TESTER TIP: Take care not to stir the caramel while the sugar is dissolving and browning as that can cause the sugar to recrystallize.