Add milk to a small saucepan. Bring to a simmer over medium heat (do not boil). Whisk in cocoa mix, Creamy Caramel Sauce and chili powder.
Remove from heat. Stir in bourbon, whiskey or tequila. Divide among 4 coffee mugs. Top with whipped cream. Drizzle with additional caramel sauce and sprinkle with additional chili powder, if desired. Makes 4 servings.