PREHEAT oven to 350° F.
COMBINE sugar and water in medium saucepan; cook over low heat, stirring constantly, for 3 to 4 minutes or until sugar is dissolved. Increase heat to medium-high; boil, without stirring, for about 15 minutes or until caramel-colored. Quickly pour over bottom and sides of twelve 6-ounce ramekins or custard cups (if syrup hardens, soften over low heat).
PLACE evaporated milk, sweetened condensed milk, cream cheese, butter, Choco Bake, eggs and vanilla extract in blender; cover. Blend well. Pour mixture into prepared custard cups. Arrange in 1 or 2 large baking pans; fill pans with hot water to 1-inch depths.
BAKE for 35 to 45 minutes or until knife inserted near center comes out clean. Cool in pans on wire racks for 20 minutes. Refrigerate for several hours or overnight. Run knife around rims; gently shake to loosen. Invert onto serving dishes.