Step 1

Preheat oven to 325°. Mix crushed wafers and sugar; stir in melted butter. Press onto bottom of a greased 9-in. springform pan. Arrange vanilla wafers around sides of pan, rounded sides out, pressing gently into crust.

Step 2

In a large bowl, beat cream cheese and sugar until smooth. Beat in sour cream and vanilla. Add eggs; beat on low speed just until blended. Pour over crust. Place pan on a baking sheet.

Step 3

Bake until center is almost set, 55-60 minutes. Cool on a wire rack 1 hour. Refrigerate overnight, covering when completely cooled.

Step 4

Remove rim from pan. In a microwave, melt caramels with milk; stir until smooth. Drizzle over cheesecake; sprinkle with pecans. Freeze option: Wrap individual portions of cheesecake in plastic wrap and place in a resealable plastic freezer bag. Seal bag and freeze. To use, thaw in the refrigerator.