Coat 12 regular-size muffin cups of a tin with nonstick cooking spray.
Separate dough into eight biscuits; cut each biscuit into six smaller pieces.
In a small saucepan, combine melted butter and brown sugar, and water, stir constantly until boiling and brown sugar has completely dissolved. Pour a few tablespoons of mixture into each muffin tin cup. Set aside 3 tablespoons for drizzling after baking.
In a one-gallon size Ziploc bag, mix granulated sugar and ground cinnamon. Add biscuit pieces and shake until completely coated.
Place 4 pieces of biscuit dough in each muffin cup. Bake for 8 to 11 minutes, or until golden brown. Remove from oven and drizzle with remaining caramel mixture.