Preheat the oven to 350°F. Spray a 9x13-inch baking dish with nonstick cooking spray.

In a large mixing bowl, whisk together the granulated sugar, vegetable oil, pumpkin puree, eggs, and 2 teaspoons vanilla until smooth.

In a separate bowl, whisk together the flour, baking powder, baking soda, cinnamon, cloves, and nutmeg. Add the dry ingredients to the pumpkin mixture and stir just until no dry streaks remain. Don't over-mix.

Pour the batter into the prepared baking dish and spread it into an even layer.

Bake for 35 to 40 minutes, until a toothpick inserted in the center comes out clean. Set the pan on a wire rack to cool for about 20 minutes.

While the cake bakes, make the caramel sauce: add the brown sugar, butter, and milk to a small saucepan over medium heat. Stir often until the butter melts and the mixture comes to a gentle boil, then simmer for 3 to 5 minutes, stirring constantly, until it thickens slightly. Remove from the heat and stir in 1 teaspoon vanilla. Let the sauce cool for 10 minutes.

Use the round handle of a wooden spoon to poke holes all over the warm cake, about 1 inch apart.

Set aside about ¼ cup of the caramel for drizzling. Pour the rest over the cake and use a spatula to gently spread it into the holes. Let the cake cool completely to room temperature, about 1 hour.

Make the topping: beat the softened cream cheese with an electric mixer until completely smooth. Beat in the heavy cream and 1 teaspoon vanilla until fluffy, then gently fold in the thawed whipped topping.

Spread the cream cheese topping evenly over the cooled cake.

Drizzle the reserved caramel over the top and sprinkle with the chopped pecans.

Cover and refrigerate for at least 2 hours, or overnight, before slicing. Serve chilled.