Heat oven to 375°F. Spray 6 regular-size muffin cups with cooking spray.
In small bowl, stir together granulated sugar and cinnamon. Separate dough into 8 biscuits; cut each into 6 pieces. Roll biscuits pieces in sugar-cinnamon mixture. Place 8 biscuit pieces in each muffin cup.
In 1-quart saucepan, heat butter, brown sugar and water to boiling, stirring constantly. Cook and stir about 2 minutes or until brown sugar is completely dissolved.
Reserve 2 to 3 tablespoons caramel mixture for drizzling after baking. Spoon remaining caramel mixture over biscuit pieces in muffin cups.
Bake 8 to 11 minutes or just until biscuit pieces are golden brown. Remove from muffin cups; drizzle with reserved caramel mixture. Serve warm.