In a small skillet, melt butter over medium heat. Add apple; cook for 6 to 8 minutes or just until tender, stirring occasionally. Remove from heat. Stir in the 1/2 teaspoon cinnamon and the vanilla.
For each mini empanada, lay a wonton wrapper on a work surface with a point toward you. Spoon one-fourth of the apple mixture on the lower half of the wonton wrapper. Brush edges of wonton wrapper with water. Working carefully, fold the top point down to meet the bottom point, forming a triangle. Gently press the edges together to seal.
Coat an unheated large skillet with nonstick cooking spray. Preheat over medium-high heat. Add empanadas. Cook for 4 to 6 minutes or until golden, turning once halfway through cooking.
Serve warm empanadas sprinkled with additional ground cinnamon and, if desired, drizzled with caramel topping. Makes 2 servings (2 mini empanadas each)