Preheat the oven to 375 degrees. In an OVEN-SAFE 4 quart or larger saucepan, flat bottom skillet  or dutch oven, melt 1 tablespoon of butter over medium high heat. It should foam fairly quickly. Add the oats and pecans, stir to coat. Continue stirring, as they cook for 2-3 minutes, until they smell toasted.

Push the oats to the sides of the pan and drop the second tablespoon of butter into the bottom of the pan. After it melts, add the pumpkin on top of it and press down a bit without stirring. Allow it to "fry" in the bottom of the pan for about a minute before stirring it into the oats. Add the sugar and spices and continue stirring while it cooks for 3-4 more minutes. Once the color darkens a bit, pour in the half and half or milk and whisk to combine. Add the water and vanilla and stir again. Put the lid on the pan and place in the oven.

Bake for 35 minutes. Remove from the oven and uncover very carefully; there will be a lot of steam. Stir the oatmeal. It will still be very watery, but it will thicken considerably as it cools. Leave uncovered and let rest 5 minutes. The oats should be tender and just a bit chewy. Serve immediately with a splash of milk or cream. Enjoy!