Add all of the drink ingredients to a large saucepan or Dutch oven.
Whisk until smooth and heat over medium-low, stirring often, until hot. Do not boil.
Dip each mug into caramel sauce, then into crushed graham crackers.
Pour in the warm pumpkin drink.
Top with whipped cream, a drizzle of caramel, more graham cracker crumbs, and a pinch of pumpkin pie spice.
