Bake biscuits as per package/recipe directions. Cool on a rack.
Prepare caramel sauce by placing all sauce ingredients in a small saucepan heating over low heat and stirring frequently. Bring it to a boil and cook for 5 minutes stirring constantly at this point. Remove from heat and cool slightly.
Prepare icing by beating the softened cream cheese and powdered sugar until smooth and creamy. Add the vanilla and enough milk until the consistency is such that it can be drizzled.
Assemble by drizzling about 2 tablespoons of caramel sauce over each biscuit then drizzle with the icing.
Substitute your own biscuit recipe for the refrigerated variety if you wish.
Store-bought caramel sauce may be substituted for the homemade.