In a large mixing bowl, beat together 16 oz of cream cheese and 3 eggs on high speed for 5 minutes, until the mixture is smooth and well blended. Be sure to scrape down the sides of the bowl as needed.
Add the sweetened condensed milk to the bowl and mix on low speed for about 2 minutes, until everything is thoroughly combined.
Divide the cheesecake mixture evenly between the cupcake liners, filling each about 3/4 full (or using a level ice cream scoop for each one).
Bake the cheesecakes at 350˚F for 15 minutes. They should be set with a very slight jiggle in the center. Avoid over-baking, as this can cause them to crack. If you notice any cracking in the oven, they are likely overdone.
Allow the cheesecakes to cool to room temperature in the baking dish. Once cooled, spoon 1/2 to 1 tablespoon of caramel sauce over each cheesecake.
Refrigerate the cheesecakes for at least 2 hours, or until fully chilled.
Before serving, top each cheesecake with whipped cream using a piping bag fitted with a large star tip. For an extra touch of flavor, lightly dust with cinnamon if desired.
These mini caramel cheesecakes can be served with or without liners, depending on your preference.