Put the sugar and water together in a small saucepan. Caramelize the sugar over low heat, stirring continously. Pour the syrup into an oven-proof baking dish, and spread the syrup evenly. Set aside to allow the caramel to harden. You can caramelize the sugar directly to your baking dish.
Beat the eggyolks, gradually add the cream cheese, milk and vanilla extract, beating continously until smooth.
Pour the mixture into the caramel-lined dish, cover with aluminum foil and place in a "bain marie" (bagno maria). Bake in a pre-heated, moderate oven at 175ºC (350ºF) for 60-70 minutes.
Remove the dish from the oven. Chill before serving.
To serve, run spatula or a knife along the edge of the mold to loosen the caramel. Transfer to a serving plate. Share and enjoy!
