1. Preheat oven to 250°F. Line a muffin pan with aluminum foil baking cups. Spray cups with non-stick cooking spray.
2. Melt caramels, sugar, milk in small saucepan over medium heat until mixture boils, stirring frequently. Cook 5 minutes or until sugar and caramels are completely melted.
3. Combine popcorn and nuts in a large mixing bowl. Drizzle caramel over popcorn mixture and toss to evenly coat. Divide caramel popcorn into prepared cups.
4. Bake 20 minutes. Let cool completely before removing from baking cups