Heat oven to 375°F. In 10-inch nonstick skillet, cook beef until no longer pink. Drain beef; return to skillet. Add taco seasoning mix and 1/2 cup water. Simmer 3 to 4 minutes or until slightly thickened. In medium heatproof bowl, mix beef mixture and cheese. Let cool while preparing the crescent ring.
Unroll both cans of dough; separate into 16 triangles. On ungreased large cookie sheet, arrange triangles in ring so short sides of triangles form a 5-inch circle in center. Dough will overlap. Dough ring should look like the sun.
Spoon beef mixture on the half of each triangle closest to center of ring.
Bring each dough triangle up over filling, tucking dough under bottom layer of dough to secure it. Repeat around ring until entire filling is enclosed (some filling might show a little).
Bake 20 to 25 minutes or until dough is golden brown and thoroughly baked. Cool 5 to 10 minutes before cutting into serving slices.