Heat oven to 375°F. Grease bottom and side of 8-inch round cake pan with 1 teaspoon of the butter. Bake cinnamon rolls in pan as directed on can; reserve icing. Cool 10 minutes. Reduce oven temperature to 350°F. Grease bottom and sides of 9-inch square pan with 1 teaspoon of the butter.
Meanwhile in medium bowl, beat sweetened condensed milk, 1/2 cup water, the eggs, vanilla and nutmeg with whisk until well blended.
With serrated knife, cut each cinnamon roll in half, forming 2 layers. Place layers, cut sides up, in bottom of square pan, overlapping as necessary. Drop remaining butter by 1/4 teaspoons over rolls. Pour half of the egg mixture evenly over rolls and butter; layer pear slices over rolls. Pour remaining egg mixture over pears.
Bake 40 to 50 minutes or until edges are golden brown and knife inserted in center comes out clean. Cool 15 minutes. Top each serving with about 1 1/2 teaspoons of the reserved icing.