Heat oven to 200F.

Cook bacon until crisp. Transfer bacon to paper towel to drain; reserve bacon grease. Crumble bacon into bowl of a food processor; pulse until finely chopped.

In small saucepan, over low heat, stir caramel candies, cream and salt until melted and smooth; keep warm.

In small bowl, whisk flour, sugar and baking powder.

In another bowl, whisk egg yolk, milk, butter and vanilla. Pour wet ingredients and ½ cup bacon into dry ingredients; blend well with a spoon. The batter will look lumpy.

Beat egg white until stiff peaks form. Fold ⅓ of egg white into batter to lighten it up. Fold remaining egg whites in until fully incorporated.

Brush the wells of an ebelskiver pan lightly with the reserved bacon grease; place over medium-low heat

 When the bacon grease is hot, spoon 1 tablespoon of batter into each well.

Working quickly, spoon ½ teaspoon of warm caramel into center of each pancake. Top each with another tablespoonful of batter.

Cook for 3 to 5 minutes or until the bottom of the pancakes are golden brown and crisp. Using two wooden skewers or chopsticks, turn the pancakes and cook for 3 more minutes or until golden brown.

Transfer pancakes to an oven-safe platter and keep warm in oven while making the second batch.

Arrange pancakes on platter. Drizzle with some warm caramel and sprinkle with 1 tablespoon bacon.

Serve passing remaining caramel sauce.