Preheat oven to 375°F (190°C). Line baking sheets with parchment paper.
In a large bowl, cream together the butter, granulated sugar, and brown sugar until light and fluffy. Beat in the eggs one at a time, then stir in the vanilla extract.
In a separate bowl, whisk together the flour, baking soda, and salt. Gradually add to the wet ingredients, mixing until just combined.
Roll dough into 1.5-inch balls and place on prepared baking sheets.
Bake for 8-10 minutes, or until edges are lightly golden. Let cool on baking sheets for a few minutes before transferring to a wire rack to cool completely.
While cookies are cooling, melt caramels and heavy cream in a saucepan over low heat, stirring constantly until smooth. Drizzle over cooled cookies.
Melt milk chocolate chips in a microwave-safe bowl in 30-second intervals, stirring in between, until smooth. Drizzle over the caramel.
Let the chocolate set before serving.
Notes
Store in an airtight container at room temperature.