Heat oven to 350°F. Spray cookie sheet with cooking spray.
Separate dough into 8 biscuits. Press or roll each to form 5-inch round. Cut apple into 8 (1/4-inch) rings. Place 1 apple ring on center of each biscuit. In small bowl, mix sugar and cinnamon. Sprinkle about a teaspoon cinnamon sugar over each apple ring.
Wrap biscuit around each apple ring to cover completely, pinching ends together to form tight seal. Place biscuits, sealed side down, on cookie sheet.
Bake 18 to 22 minutes or until biscuits are deep golden brown. Brush tops of biscuits with melted butter, and sprinkle with remaining cinnamon sugar. Drizzle with caramel sauce. Serve immediately.