Preheat oven to 350F. Line 24 muffin tins with paper baking cups or coat with cooking spray.
In a mixing bowl, whisk together eggs, pumpkin puree, vegetable oil, and water. Whisk in cake mix and pumpkin spice and mix until moistened.
Fill muffin tins about ¾ full. Bake for 18 to 23 minutes, or until toothpick inserted in the center comes out clean. Cool in pans for 10 minutes, then transfer to wire racks to cool completely.
Using melon baller, scoop out center of each cupcake and fill with one tablespoon of caramel.
With an electric mixer on medium speed, whisk together cream cheese, sugar, and vanilla until smooth. Slowly add heavy cream and mix until it is completely incorporated. Mix on high until stiff peaks form.
Spread cupcakes with frosting and drizzle caramel sauce on top, if desired.