For the Crust: Preheat Oven at 350°F. Make your graham crackers crumbs by using a food processor or simply place crackers in a plastic bag and crush using a rolling pin. Combine graham crackers, melted butter and vanilla extract in a bowl. Spread in the bottom of a 9" springform pan and up 1 1/2 inch on the side. Bake in oven for 10 minutes. Remove from oven and place to side.
Preheat Oven at 350°F. Melt the butterscotch chips with the sweetened condensed milk in double boiler over low heat and stir. Remove double boiler from heat and place to the side.
Using an electric mixer blend cream cheese on low speed in a mixing bowl. Use spatula to scrape sides and paddle of mixer. Add in the sugar slowly, and continue to beat until creamy. Add in the flour and the vanilla extract and mix until blended. Add in eggs one at a time and continue to mix a lowest speed until eggs are incorporated in the batter. Add the butterscotch mixture and continue to blend.
Pour the mixture into your crust and use offset spatula to help scoop out the batter. Bake for 45 minutes or until center jiggles. Remove from oven and let cool on a wire rack. Place in the refrigerator and allow to set before removing sides.
For the Topping: 1 jar of warmed caramel topping. Place the sugar, cornstarch, cinnamon,and water in a medium sized saucepan and stir until smooth. Serve and enjoy Butterscotch Cheesecake.