The best, quick and easy caramel frosting recipe, homemade with 3 simple ingredients. rich, creamy, silky smooth, fluffy, stable, holds its shape. great for spreading and piping. its finally time to add this no cook caramel buttercream frosting or caramel icing (as some people like to call it), to my ever-growing collection of frosting and fillings. first, a quick note: this is not a caramel cream cheese frosting, which is slightly tangy. this is actually a very sweet buttercream because it uses both, caramel sauce and powdered sugar. so, a little swirl on cupcakes or a smear on brownies goes a.