Preheat and bake: Preheat your oven to 350°F (175°C). Prepare the butter pecan cake batter according to the directions on the box. Divide the batter evenly between two 8-inch round cake pans, greased and floured if necessary. Bake until golden brown and a toothpick inserted in the center comes out clean, typically 25–30 minutes depending on your oven. Remove from the oven and let the cakes cool completely in their pans on a wire rack.
Poke and soak: Once fully cooled, use the handle of a wooden spoon to poke holes all over the surface of both cake layers. Space the holes about 1 inch apart to allow even absorption. Slowly pour the sweetened condensed milk over both cakes, dividing it evenly. Let it soak into the holes—this adds incredible moisture and richness to each bite.
Drizzle caramel and chill: Drizzle about 1/2 cup of caramel sauce over each cake layer, ensuring it seeps into the holes and coats the surface. Place the cakes in the refrigerator and chill for at least 30 minutes to allow the flavors to meld and the caramel to set slightly.
Make the cream filling: In a large mixing bowl, beat the softened cream cheese, powdered sugar, and vanilla extract until completely smooth and creamy. Fold in the whipped topping gently with a spatula until the mixture is light and fluffy. Be careful not to overmix to maintain its airy texture.
Assemble the cake: Remove the bottom cake layer from the pan and place it on a serving platter. Spread the cream cheese filling evenly across the top, going all the way to the edges. Carefully place the second cake layer on top, aligning it with the base layer.
Frost and decorate: Spread a layer of whipped topping over the top of the assembled cake. Garnish with chopped or halved pecans, either toasted for a warm, nutty flavor or glazed for extra crunch and sweetness. Finish with a generous drizzle of caramel sauce over the top for a glossy, irresistible finish.
