Place caramels and evaporated milk in a heavy saucepan. Heat over medium-low heat, stirring continually, until smooth, about 5 minutes. Stir in 1/2 c. chopped pecans. Pour into pie crust. Combine cream cheese, sour cream and milk in a blender. Process until smooth. Add pudding mix; process for about 30 seconds longer. Pour pudding mixture over caramel layer, covering evenly. Chill, loosely covered, until set, about 15 minutes. Drizzle fudge topping over pudding layer in a decorating pattern. Sprinkle top of cake with remaining pecans. Chill, loosely covered, until serving time. May be made 1 day ahead but do not drizzle topping or add pecans until right before serving.
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(Nuts are easier to chop when they are warm. Heat in the microwave on HIGH for 2 minutes or in a 325 degree oven for about 5 minutes). (To drizzle the fudge topping, put in a resealable plastic bag, snip off a corner of the bag, then pipe the topping over the pudding layer).
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