Combine water and yeast in a small bowl; set aside. Combine 2 cups flour, sugar and salt in large mixer bowl. Heat milk and butter until warm (100° to 110°F) - butter does not need to melt. Add milk mixture, yeast mixture and egg to dry ingredients. Beat 30 seconds on low speed to blend; beat an additional 2 minutes on medium speed.
Stir in enough remaining flour to make a soft dough. Knead on lightly floured surface until smooth and elastic, about 8 to 10 minutes. Place in a greased bowl, turning once to coat. Cover and let rise in a warm, draft-free place until nearly doubled, about 1 to 1-1/2 hours. (Note: this rich dough rises slowly, and probably will not double).
Combine all caramel topping ingredients together. Grease two fluted tube pans OR two 9-inch round cake pans. Spread half the topping in the bottom of each pan.
Combine all cream filling ingredients and beat until well mixed; set aside. Punch dough down and divide into 20 equal pieces. Cover and let rest 10 minutes. Flatten each piece of dough into a small circle, about 4 to 5 inches in diameter. Place a scant tablespoon of cream filling in the center. Pinch edges of dough together and form into a ball; place in prepared pans, 10 rolls per pan. Cover and let rise until doubled, about 30 to 45 minutes.
Bake at 350°F for 25 to 30 minutes or until deep golden brown. Cool on rack for only 1 minute; invert onto serving platters.