El Guapo's Cinnamon Flan

½ cup granulated sugar
¼ cup water

1 14oz can condensed milk
1 12oz can evaporated milk
3 whole eggs
½ tsp vanilla extract
1 tsp rum
¼ tsp cinnamon

Preheat oven to 350 degrees. Spray a 9X9 pan with spray release and set aside.
In a small saucepan mix sugar and water over low heat, stirring constantly, until the sugar totally dissolves and is dark brown in color. Pour into the 9X9 pan spreading to cover entirely. Allow to cool.
Beat eggs thoroughly, then add the remaining ingredients. Pour mixture over cooled sugar. Place 9X9 pan in a larger pan. Fill with warm water and place in oven. Bake about 45 minutes or until custard is just set, but still jiggly. Allow to cool and then refrigerate for at least 4 hours.
Cut into individual servings and serve chilled.