Preheat the oven to 350F and prepare 3, 8-inch round cake pans by spraying the sides with a baking spray and lining the bottoms with parchment paper.
In a large mixing bowl, whisk together the oil, eggs, sugar and vanilla for 2 to 3 minutes, until smooth and creamy. Add in the pumpkin puree and whisk again until a uniform mixture forms. In a separate bowl, combine the dry ingredients: flour, baking powder, cinnamon, nutmeg and salt. Sift the dry ingredients into the batter, then whisk just until well incorporated.
Divide the batter evenly between the three pans and use an offset spatula to level the batter. Bake in the preheated oven for 26 to 28 minutes, or until a toothpick inserted into the center comes out clean. Once done baking, allow the cake layers to cool completely on a wire rack.
Meanwhile, prepare the caramel sauce and salted caramel buttercream. Allow the caramel sauce to cool before using in the cake; this can also be prepared the day before. Transfer about 2 cups of the buttercream into a large pastry bag tipped with a star tip; I used Ateco tip #847.
Once cake layers have cooled, assemble the cake. First, spread a generous amount of buttercream on to the layer, then pipe a barrier ring around the edge of the layer. This will help keep the caramel sauce inside. Add about 3 to 4 tablespoons of caramel sauce into the center, then top with a handful of pecans. Add the next layer and repeat the process.
Frost the top and sides of the cake and level off with a spatula; watch my video recipe for step-by-step tutorial. Before garnishing the top, allow the cake to set in the refrigerator for at least 30 minutes. Garnish the top with dollops of cream, more pecans, and chocolate squares. Drizzle the caramel down the sides of the cake for a finishing touch.
Keep cake refrigerated if not serving within a day. Remove the cake from the fridge at least an hour before serving to allow the layers to soften.
For Caramel Buttercream:
Place softened, unsalted butter into mixing bowl. Whisk on high speed for about 5 minutes, until butter is light and fluffy. Scrape down sides of mixing bowl often to get all the butter mixed well.
Add the dulce de leche (cooked sweetened condensed milk). If you cannot find dulce de leche, use a similar caramel sauce. If necessary, increase the amount of confectioner's sugar to thicken the frosting.
Add the vanilla and salt. Start by adding 1/4 teaspoon salt, then add more if needed. Begin adding the confectioner's sugar 1 cup at a time, scraping down sides of mixing bowl often to get everything incorporated. Make sure to sift confectioner's sugar before adding to avoid any clumps. After adding all sugar, whisk on high speed for 2 to 3 minutes to get frosting very fluffy.
For Homemade Caramel Sauce:
In a medium-sized sauce pan, combine the sugar and water but do not stir. Cook the sugar over medium heat for 15 to 20 minutes, until the sugar caramelizes into a rich, amber color. Do not stir the syrup while cooking, as this will cause crystals to form on the sides of the pan! The timing can also vary, depending on saucepan and stove top.
Once the syrup caramelizes, add the butter and whisk until melted. Add the heavy cream next and mix again; the sauce will foam up - take care that it doesn't run over.
Remove the sauce from heat and add the salt and vanilla extract. Allow the sauce to cool in the pan for 5 minutes, then pour into a glass mason jar for keeping. Keep the sauce at room temperature for up to 1 week, or refrigerate for a thicker caramel.
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