Preheat oven to 350° F.

Combine sugar and water in medium, heavy-duty saucepan; cook over low heat, stirring constantly, for 3 to 4 minutes or until dissolved. Increase heat to medium-high; boil, without stirring, for about 15 minutes or until caramel colored. Quickly pour over bottom and sides of 12 six-ounce custard cups (if syrup hardens, soften over low heat).

Place evaporated milk, sweetened condensed milk, cream cheese, butter, eggs and vanilla extract in blender; cover. Blend until smooth. Pour mixture into prepared custard cups. Arrange in one or two large baking pans; pour hot water in pan(s) to 1-inch depth.

Bake for 35 to 45 minutes or until knife inserted near center comes out clean. Cool in pan(s) on wire rack(s) for 20 minutes. Chill for several hours or overnight. Run knife around rims; gently shake to loosen. Invert onto serving dishes.