In a medium bowl, combine the graham cracker crumbs, granulated sugar, and melted butter. Stir until well combined and resembles wet sand. Press firmly into the bottom and up the sides of a 9-inch pie pan. Chill in the refrigerator.
In a separate bowl, whisk together the instant butterscotch pudding mix and whole milk for about 2 minutes until thickened. Set aside for 5 minutes.
In another mixing bowl, beat the softened cream cheese, brown sugar, and vanilla extract until smooth and creamy.
Slowly add the heavy cream to the cream cheese mixture, beating until light and fluffy.
Fold the prepared butterscotch pudding into the cream cheese mixture until fully combined and smooth.
Pour the butterscotch filling into the chilled pie crust, spreading evenly.
Top the pie with whipped cream or Cool Whip, swirling it over the surface.
Drizzle caramel sauce generously over the top.
Refrigerate for at least 4 hours or overnight until fully set.
