Step 1

Pour apple cider (all but 1/4 of the 2 gallons) into a drink dispenser. Add the caramel syrup.

Step 2

Whisk in pumpkin pie spice. Some of the spice may float to the top, but whisk again right before serving. Taste and add more pumpkin spice, if desired.

Step 3

Serve chilled, at room temperature, or warm. Stir occasionally to keep the flavors equally distributed. Add cinnamon sticks and sliced apples to the punch just before serving, if using.