Prepare the caramel mixture by microwaving the caramels, butter and milk in a medium sized bowl for about 1 minute 30 seconds, adding more time in 20 second increments as needed until mixture can be whisked smooth. Set aside so that caramel can cool white you're making the "nougat."
Combine butter and marshmallow creme in a large bowl. Microwave on high for about 1 minute 30 seconds and stir to combine. Stir in about 4 rounded cups of powdered sugar, working it completely in so that a smooth, white dough forms. (I used my Kitchenaid mixer for that part- mixing it by hand would be a workout!)
Transfer the dough to a large piece of wax paper dusted with powdered sugar. Roll into a large oval about 1/2" thick. Brush with about 3/4 of the caramel. Gently roll dough beginning on one long end. Pinch ends of dough together once you're done rolling. Cut log in half.
Spread pecans out on a cookie sheet and transfer logs onto the top of the caramel. Prepare yourself- this part gets messy! Brush logs with remaining caramel and turn to coat in pecans, brushing and turning until caramel is gone and logs are covered in pecans. Continue pressing pecans into the logs using your hands and pressing the logs gently down onto more chopped pecans.
Wrap logs in wax paper and chill in the fridge for at least 1 day. This step isn't necessary per se, but I think the candy tastes SO much better when it's had time to sit! To eat, slice the logs and serve.
I usually make this candy a couple weeks before the holidays and then slice and serve the day of. It works perfectly and tastes delicious!