1Heat oven to 350°F. Spray bottoms only of two 8-inch round cake pans with cooking spray. In large bowl, mix egg product, oil, pumpkin, 1/4 cup milk and 1 teaspoon vanilla with electric mixer on low speed until well blended.
2Add all remaining cake ingredients except carrots. Beat on low speed 30 seconds or until well blended. Stir in carrots. Pour batter evenly into pans.
3Bake 28 to 33 minutes or until toothpick inserted in center comes out clean. Cool 10 minutes. Carefully run knife around sides of pans to loosen; remove from pans to cooling racks. Cool completely, about 1 hour.
4In medium bowl, beat cream cheese and butter with electric mixer on medium speed until creamy. On low speed, beat in 1 1/2 teaspoons vanilla until well blended. Beat in powdered sugar, 1 cup at a time, until smooth. If necessary, add milk, 1/2 teaspoon at a time, until frosting is desired consistency. Spread frosting between cake layers and on top. Sprinkle with pecans.