Pour the warm water into a mixing bowl, then sprinkle in the yeast, and 1 tsp of sugar.
Mix until well combined then, let sit for about 7 minutes, or until the yeast foams.
Next pour in the warm evaporated milk.
Add in the vegetable oil, salt, 2 tbsp sugar, 1 tbsp vanilla extract, and egg.
Mix the ingredients using a hand or stand mixer.
Now remove the mixing blade, and replace with the dough hooks.
Turn on to a low speed ( between 1-3), and slow start adding in the flour. Add about 1/4 cup at a time.
Once the dough has form, remove it from the bowl, and set to the side.
Lightly oil the bowl, then place the dough back into the bowl, and cover with a clean towel.
Put the dough in a warm place, and let rest for 1 1/2 hours.
Next, punch the middle of the dough ( to remove air).
Flatten the dough.
Preheat oven to 375 F.
Now in a large bowl combine 1 1/2 stick of butter, 1/2 cup brown sugar, 1/4 cup granulated sugar, cinnamon, and nutmeg.
Mix until well combined, then slather on top of the dough.
Roll up the dough, then cut in desired size rolls.
Lightly butter a bake dish, then add in the rolls.
Bake the rolls for 15-20 minutes.
Remove from the oven, and let cool.
In a medium size bowl combine 2 tbsp butter, and 2 oz of cream cheese.
Mix well, then add in 2 tsp vanilla extract, and 3 tbsp milk.
Add in the powdered sugar, and mix until creamy.
Sprinkle the pecans onto the rolls, then drizzle on the icing, and caramel.
Serve & enjoy!!