In small bowl, mix cinnamon w/ sugar, set aside.
In another shallow bowl, whisk Egg Beaters until frothy, whisk in water & vanilla. Whisk in flour and salt. Let sit while slicing apples. Slice peeled apples into 1/2"-thick slices. W/ a biscuit cutter, cut rings out of apple slices. Heat oil in lg skillet over med-high heat until very hot, but not smoking. Dip apple rings into batter, letting excess drip off. Cook rings in oil in small batches, turning often, until golden brown. Remove to plate lined w/ paper towels. While still hot, sprinkle the fried rings w/ cinnamon-sugar mix. Serve drizzled w/ either warmed maple syrup, or warmed caramel sauce.