Make the caramel:

1. Add the butter, sugar, and water to a small saucepan and mix until the sugar is giving you a wet sand vibe. (If the sugar doesn’t look completely moistened, add an additional tablespoon of water.)
2. Over medium heat, bring the mixture to a boil without stirring. (If you get antsy about stirring, you can give the pan a gentle swirl, but otherwise, hands-off!) We’re heating this until it becomes a dark honey color. Once you are happy with the color, take off the heat and immediately add the cream and salt. (Stand back, because it will steam.) Whisk everything together.
3. Let cool and store in an airtight container in the fridge until you need it. For a minimum of 30 minutes.

Make the milkshake:

1. In a small bowl, whisk together the milk and malted milk powder until you no longer see any big chunks. Add the caramel and whisk again until it melts into the milk. We’re doing this so we don’t end up with bits of good stuff stuck to your blender.
2. To your blender add the ice cream, peanut butter, bourbon, and milk mixture. Blend until it looks like everything is incorporated.
3. To your glass, drizzle in some chocolate sauce. Pour in your milkshake and top with whipped cream, caramel, more chocolate sauce, and chopped-up bits of Snickers (if using).