Add pecans to caramel mixture, stirring constantly until well-combined. Remove from heat and stir in ¼ tablespoon vanilla. Spread caramel pecans on a parchment-lined baking sheet and completely cool. (If you can resist trying one, you have crazy will power!)
In a medium bowl, thoroughly whisk milk, granulated sugar and salt until sugar is fully dissolved. Stir in half & half and remaining vanilla. Cover and refrigerate for 1-2 hours.
For a creamier texture, substitute heavy cream for half & half (we're trying to cut calories around here!)