Dissolve the yeast in the water and set aside for 5 to 10 minutes, until frothy.

In a medium bowl, combine the milk, butter, sugar, and salt and microwave on high for 45 seconds. Whisk until the butter is melted. Set aside until it is lukewarm in temperature.

In the bowl of a stand mixer (or you can mix and knead by hand), combine the milk mixture and yeast mixture. Stir in the egg.

With the mixer on low speed and the dough hook on, gradually add in just enough flour so that a soft dough ball forms. (It should slightly tacky, but not sticky.)

Drizzle some oil in a large bowl. Place the dough ball in the bowl, and turn so that the dough is lightly coated in oil. Cover with plastic wrap and a towel if desired. Let sit in a warm, draft-free place for 1½ hours, or until doubled in size. (The inside of the microwave or the oven with the light on are great options!)

Just before your dough is ready to roll, make the sauce.

In a medium saucepan, combine the cream, corn syrup, brown sugar, and butter. Heat over medium-high heat, until it comes to a boil. Reduce the heat slightly and simmer for 2 to 3 minutes, stirring constantly.

Spray a 9×13″ pan with nonstick spray and pour the sauce into the bottom. Set aside.

Preheat the oven to 350°F.

Once the dough has risen, remove from the bowl onto a lightly floured surface and roll into a 14″ by 18″ rectangle.

Spread the butter over the dough and sprinkle it evenly with the brown sugar and cinnamon.

Roll the rectangle up tightly, starting at the long end. Pinch the dough together to form a seam at the end.

Trim the ends and slice the roll in half. Slice each half in half, so you have 4 equal pieces. Cut each piece into 3 equal sections so you have 12 buns. Place in the prepared pan on top of the sauce.

Cover the pan with a clean kitchen towel or piece of plastic wrap and allow to rise in a warm, draft-free place, until doubled, about 1 hour.

Bake at 350°F for 22 to 26 minutes, until light golden brown on top.

If desired, turn out onto a baking sheet lined with parchment paper and let the caramel sauce run down into the buns. (If you are frosting them, I recommend leaving the gooey sauce at the bottom.)

In a medium bowl, beat the cream cheese and butter with an electric mixer until smooth.

Add the sugar and vanilla and beat until combined and fluffy. If desired, add a touch more sugar for a thicker frosting.

Spread the frosting over the cinnamon buns. Serve warm.