In a medium saucepan over low heat, bring water, cornstarch, sugar, cinnamon and lemon juice to a boil, stirring constantly.
Continue stirring for 3-4 minutes until sauce thickens up.
Once sauce has thickened, add apples, stir and let simmer for 8-10 minutes.
Remove from heat and let cool.
For The Cream Cheese Filling
In a medium mixing bowl, beat cream cheese until fluffy, about 2-3 minutes.
Add sugar, egg yolk, vanilla, lemon juice and beat for an additional 2 minutes.
Making The Pastry Ring
Unroll crescent rolls and separate into precut triangles.
Place triangles on an ungreased baking sheet so that the wider end of the crescent is in the center forming the circle with about a 5 inch opening in the center and the smaller tip of the crescent is on the outside.
*When forming the circle, the wider ends of the crescents will overlap each other.
Spread cream cheese mixture over the wide part of the crescents.
Spoon apple filling on top of cream cheese mixture.
Fold the small tip of the crescent over and tuck under the wider part to secure forming the ring.
Bake for approximately 20 minutes. Remove from oven, let cool.
For the Caramel Sauce
In a small heavy bottom pan, melt butter over low heat.
Stir in brown sugar and milk.
Bring to a boil over low heat and continue stirring constantly until desired consistency, approximately 8-12 minutes.
Remove from heat and add 1 tsp of vanilla. Stir and let cool for a little bit then drizzle over pastry once pastry has cooled.
Making The Glaze Drizzle
Using a one cup measuring cup, pour powdered sugar and milk together and stir until combined (might need more milk/sugar as desired).
Drizzle glaze over pastry ring, once pastry has cooled, and cut into desired portions. Enjoy!