Whisk egg until frothy, then whisk in water and vanilla. Whisk in flour and salt and let sit while slicing apples. Slice peeled apples into 1/2 inch thick slices. Using varying sized biscuit cutters, cut rings out of apple slices, discarding smallest circle containing the core. Heat oil to 350 degrees. Don't let oil get too hot or the rings will burn quickly. If rings are cooking too quickly, lower the heat of the oil. Dip apple rings into batter, letting excess drip off. Cook in oil, in small batches, turning frequently to monitor browning. When the rings turn golden brown, remove to a plate and while still hot, sprinkle generously with cinnamon sugar. Serve immediately with warm drizzled caramel sauce. Makes 16 apple rings.

Cinnamon Cream Syrup:

In a small saucepan, combine sugar, corn syrup and cinnamon. Bring to a boil, stirring for 3 minutes. Remove from heat and cool for 5 minutes. Stir in evaporated milk and serve warm.