Carefully peel oranges . Holding oranges over bowl to catch juices, with sharp knife cut between orange membrane and extract individual sections. Place orange sections in a wide nonreactive dish; pour juice over orange sections. Discard membranes.
In small saucepan combine sugar and water. Stir gently over low heat just until sugar dissolves, being careful not to splash sugar up sides of saucepan. Increase heat to bring to boiling. Reduce heat to medium, boil gently 13 to 14 minutes or until mixture is a light caramel color, shaking pan occasionally to heat evenly (do not stir). Cool 1 minute. Pour caramel mixture over orange sections; cool 5 minutes (caramel will harden). Cover; chill 2 to 3 hours or up to 24 hours (most of the caramel will dissolve in orange juice).
Serve orange sections and caramel-flavored sauce with Buttermilk Pudding (see www.bhg.com), or all by itself. Makes 8 servings.