Preheat oven to 325°F. Line a large half-sheet jelly roll pan with aluminum foil. Spray the foil with non-stick cooking spray and then line the pan with graham crackers.
Place the butter and sugar in a medium-sized pot over low/medium-low heat. Stir until the butter is melted. Once the butter has melted, bring to a boil over medium heat for 2 1/2 -3 minutes.
Once it’s nice and bubbly and changed to more of a caramel color, remove pan from heat and pour evenly over crackers. Spread mixture with a knife, however it doesn’t have to be perfect. Try to move fast during this part so the toffee doesn’t harden.
Place pan in the oven and bake for 7-9 minutes.
Remove pan from oven and allow to cool slightly. Melt the chocolate and then pour over the top with a spatula. Sprinkle candy canes on top and then place in the freezer for 15 minutes. If desired, drizzle red chocolate on top. Once chocolate has hardened, break pieces off the foil and place in a container. It will stay fresh for 1 week.
For the drizzle, melt 1/2 cup red melting chocolate (or add red dye to 1/2 cup melted white chocolate) and then place in a zip top bag. Then snip the very tip off and drizzle over the top. Place back in the freezer until hardened.