Make the caramel sauce: In a medium saucepan, combine the sugar with ¼ cup water. Swirl together and bring to a boil over high heat.
Once it comes to a boil, cook over medium-high heat until the mixture is bubbling at a slower pace and has turned a deep golden brown, about 5 minutes.
Turn off the heat, then gradually stir in the cream. Add the applejack, butter, vanilla, and salt, stirring until smooth.
Make the cake: Heat the oven to 350 degrees. Grease the inside of a Bundt pan with nonstick cooking spray.
In the bowl of a stand mixer, cream the granulated sugar, butter, and cream cheese until light and fluffy. Add the ¼ cup caramel sauce and beat until combined.
Add the eggs one at a time, beating well after each addition, then add the vanilla and beat until just combined.
In a medium bowl, sift together the flour, baking powder, and salt. With the mixer running on low speed, add the flour mixture and milk alternately, mixing until well combined.
Stir in the pecans by hand just until evenly distributed.
Pour the batter into the prepared Bundt pan and bake for 45 to 60 minutes, until a toothpick comes out clean.
Let cool in the pan for 5 minutes, then flip onto a wire rack and let cool another 5 to 10 minutes.
Warm the remaining caramel sauce and brush it over the cake. Let it soak in before serving.
