Caramel Cake with Caramel Frosting

1 cup butter, softened
2 cups sugar
4 large eggs
3 cups self-rising flour
1 cup whole buttermilk
1½ teaspoons vanilla extract

Preheat oven to 350°. Spray 3 (9-inch) round cake pans with nonstick baking spray with flour. Line bottoms of pans with parchment paper; lightly spray again.
In a large bowl, beat butter and sugar at medium speed with an electric mixer until fluffy, stopping occasionally to scrape sides of bowl. Add eggs, one at a time, beating well after each addition. Add flour to butter mixture in thirds, alternately with buttermilk, beginning and ending with flour mixture. Stir in vanilla. Divide batter evenly among prepared cake pans, smoothing tops with a spatula.
Bake until a wooden pick inserted in the center of layers comes out clean, 25 to 30 minutes. Let layers cool in pans for 10 minutes. Remove from pans, discard parchment paper, and let cool completely on wire racks.
Spread Caramel Frosting between layers and on top and sides of cake. Drizzle with reserved 1⁄3 cup caramel from Caramel Frosting. Garnish with toasted pecan halves, if desired.

Caramel Frosting:

1/4 cup whipping cream
1 cup firmly packed brown sugar
1 teaspoon vanilla
2 1/2 cups powdered sugar
1/2 cup butter

Melt butter in a heavy saucepan. Add brown sugar; cook over low heat, stirring constantly, 1 1/2 to 2 minutes or until sugar dissolves (do not boil). Remove from heat. Stir in whipping cream. Add powdered sugar and vanilla. Beat at high speed of an electric mixture until spreading consistency, do not over beat. Spread immediately on top and sides of cake.