Pour caramel into a buttered 9 inch round cake pan that is at least 1 1/2 inches deep. Set aside.
In large mixer bowl, beat cream cheese til smooth, then beat in sugar and vanilla. Add eggs one at a time, til smooth after each addition.
Blend in milk at low speed. Carefully pour cheese mixture over topping. Set cake pan into a large pan (roaster) and add 1/2 to 3/4 inch boiling water in larger pan. Bake at 350 for 50 minutes or til set in center when lightly touched. cool on rack, then loosen from pan edge with knife. Invert onto a rimmed plate. Spoon over any remaining caramel. Cover loosely and chill.