Leave ingredients out to get to room temperature.
Crush your graham crackers or pulse in a food processor until fine crumbs form. Use a spatula to combine cracker crumbs with melted butter. Transfer the graham cracker crumbs to your 7 inch springform pan and use a glass to press down the crumbs. You will also want to do it on the sides of the springform pan as well for a tall crust.
Make the cheesecake batter: First, whip 1 cup heavy whipping cream and 2 tbsp powdered sugar in a large bowl until soft peaks form. Set aside. Then, in a large mixing bowl, beat the cream cheese until smooth. Then on low speed, add the remaining 1 cup of powdered sugar, sour cream, and vanilla.
Microwave your caramels with butter and heavy cream for 15 seconds and then pour into cheesecake mixture. Lastly, fold in the whipped cream mixture until smooth but be sure not to over-mix!
Let the cheesecake set: Pour mixture into your prepared crust and then cover with plastic wrap. Refrigerate for at least 10 hours, or overnight for the best texture. This is a great make ahead dessert. If you’re going to eat it in the same day, you could get away with freezing it for 3 hours before serving.
Make the stabilized whipped cream topping: Beat another 1 cup of heavy cream on high speed then add in the powdered sugar and instant pudding mix. Mix until stiff peaks form and store in the fridge until ready to use.
Decorate and enjoy: Melt your caramels with butter and heavy cream in the microwave for 15 seconds. Pour on top of your chilled cheesecake after it has set. Use a piping bag to decorate the top of the cheesecake with the stabilized whipped cream. Then, top with more caramels and enjoy!