1. CAKE: Preheat oven to 300 degrees. Beat butter and cream cheese at medium speed 2 minutes or until creamy. Gradually add sugars, beating 5-7 minutes. Add eggs one at a time, beating just until yellow disappears. Add vanilla and caramel flavoring. Mix well. Combine flour and salt. Gradually add to butter mixture, beating at low speed just until blended. Pour batter into greased and floured bundt pan. Fill a 2-cup ovenproof measuring cup or casserole dish with water. Place in oven with bundt pan (this will keep the cake moist). Bake at 300 degrees for 1 hour 30 minutes or until a wooden pick inserted in center comes out clean. Cool in pan on wire rack 10 to 15 minutes, then remove from pan and cool completely on a wire rack. Prepare glaze and drizzle over cake when cooled.
  2. GLAZE: Mix together sugar and flavorings. Then slowly add milk until desired consistency is reached, but should be thin as a glaze. Drizzle over cooled cake.
  3. Sprinkle chopped pecans over the top of glazed cake.