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1
Position rack in center of oven and preheat to 350 degrees F.
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2
Arrange 8 (6-ounce) oven-safe custard or dessert cups in a large roasting pan.
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3
Stir sugar and water in a small saucepan over low heat until sugar dissolves.
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4
Increase heat to high and boil without stirring until liquid is a deep golden brown, brushing down sides of saucepan with a wet pastry brush to prevent sugar from crystallizing, about 12 minutes.
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5
Quickly pour syrup into prepared cups.
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6
In a blender, combine condensed milk, cream cheese, eggs, and vanilla.
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7
Blend until smooth, about 30 seconds.
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8
Transfer to an 8-cup measuring cup or large bowl.
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9
Whisk in evaporated milk.
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10
Divide custard equally among prepared cups.
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11
Transfer roasting pan to oven.
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12
Pour enough water into roasting pan to come halfway up the sides of the custard cups.
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13
Bake until sides are firmly set and only the very center of custards jiggle slightly when cups are gently shaken, about 45 minutes (custards will firm up as they cool).
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14
Remove cups from pan, cover tightly with aluminum foil, and refrigerate until cold, at least 4 hours and up to 24 hours.
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15
Run small sharp knife around sides of custards.
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16
Invert each cup onto a dessert plate, shaking gently to release custard from cups.
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17
Drizzle caramel sauce over custard.
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18
Serve cold.
