Step 1: In a heavy-bottomed saucepan, combine the chopped pecans, unsalted butter, light brown sugar, granulated sugar, and water. Stir well to combine.
Step 2: Bring the mixture to a boil over medium heat, stirring constantly to prevent sticking. Reduce the heat to medium-low and continue to cook, stirring occasionally, for about 8-10 minutes, or until the mixture thickens and reaches a deep caramel color. The sugars should be fully dissolved and bubbling nicely.
Step 3: Remove the saucepan from the heat and immediately stir in ½ teaspoon of vanilla extract and a pinch of salt. Be careful, as the mixture will be very hot.
Step 4: Quickly pour the hot praline mixture onto a silicone mat or a parchment-lined baking sheet. Spread it into a thin, even layer using a spatula. Allow it to cool completely and harden, which typically takes about 20-30 minutes. Once cooled, break the praline into small, irregular pieces.
Step 5: In a large mixing bowl, using an electric mixer, beat the softened cream cheese until it’s light and fluffy, about 2-3 minutes. Make sure there are no lumps.
Step 6: Gradually beat in the sweetened condensed milk until thoroughly combined and smooth. Stir in the remaining ½ teaspoon of vanilla extract and the optional bourbon or rum, if using.
Step 7: In a separate, very cold bowl, whip the very cold heavy cream and powdered sugar on high speed until stiff peaks form. Be careful not to overbeat, or it will become grainy.
Step 8: Gently fold about one-third of the whipped cream into the cream cheese mixture until just combined. Then, carefully fold in the remaining whipped cream until no streaks remain, ensuring you keep as much air in the mixture as possible for a light, airy texture.
Step 9: In your chosen serving dish, start by scattering about one-third of the broken pecan praline pieces on the bottom.
Step 10: Carefully spoon half of the cream cheese mixture over the praline layer and spread it evenly. Don’t press too hard, or you’ll crush the praline.
Step 11: Repeat the layers: another one-third of the praline, followed by the remaining cream cheese mixture. Top with the final one-third of the praline pieces.
Step 12: Cover the dish tightly with plastic wrap and refrigerate for at least 4 hours, or preferably overnight. When ready to serve, you can add an extra sprinkle of fresh pecan praline or a light drizzle of caramel sauce.