Line an 8” square pan with heavy aluminum foil and grease with vegetable oil.
Put sugars, corn syrup, condensed milk, molasses and butter in a 2 quart saucepan. Using a long handled heat proof spatula or wooden spoon, stir constantly over medium heat till butter melts, then increase heat to medium high till mixture begins to bubble (5-8 minutes). During this time wash sides down with a wet pastry brush once or twice, to keep sides clear of unmelted sugar.
When mixture begins to boil, place thermometer in pan and cook to 240 F. (or lower, for high altitude), stirring constantly, 6 -8 minutes. When caramel is just a few degrees shy of your target temperature stir in the spices. When final temperature is reached, quickly remove pot from heat, pull out the thermometer, stir in vanilla, and pour into prepared pan. Do not scrape the last bits of caramel off the bottom of the pot, as it will likely be somewhat overcooked. It's ok to scrape the sides, if you're careful not to include any burned bits.
Set pan on a rack to cool completely for several hours, covering loosely when cold. If the weather is particularly warm or humid you can put it in the fridge to firm up.
Lift foil and caramel from pan, turn out onto a cutting board and peel off foil. If caramel is too soft or sticky to work with, place in freezer for 15 minutes, then try again. Blot off any excess oil from the caramel, then flip right-side up and cut with a large oiled knife into 3/4" x 1-1/4" pieces, separating them as you go so they don’t stick together.
Cut 6" wide strips of was paper into 3 pieces. Wrap individual caramels in wax paper, twisting the ends closed. Caramels may be stored in a cool place, but should be room at room temperature for eating.