Preheat oven to 375 degrees F. Line an 8-inch square pan with foil; spray with nonstick cooking spray.
Place pecans on baking sheet; bake for 5 to 10 minutes until lightly toasted; set aside 1/2 cup. Place remaining pecans in prepared pan.
Melt butter in Dutch oven or heavy large saucepan over low heat. Add remaining ingredients; stir to mix. Increase heat to medium; bring to boil, stirring frequently. Insert candy thermometer into mixture and attach to side of Dutch oven. Cook, stirring frequently, until thermometer reads 230 degrees F. At this point, it is important to watch the mixture carefully. Begin stirring constantly until thermometer registers 248 degrees F (firm ball stage). Immediately pour mixture into pan. Do not scrape Dutch oven. Sprinkle with remaining pecans. Let stand for 6 to 8 hours until cool and set.
Remove from pan by lifting foil. Remove foil. With large knife, cut caramel into 64 pieces. Wrap each piece individually.
