First, melt the butter in a medium saucepan over low heat. Add water, granulated sugar, and brown sugar, bring everything to a boil and then simmer for five minutes, stirring constantly. Remove the pan from the heat, and pour in the bourbon.
Once the cake is finished, set the pan on a cooling rack. Use a long skewer to poke holes all over the warm cake, it should still be in the pan.
Very slowly, pour the sauce over the cake, allowing it to soak in. Cover the pan loosely with aluminum foil and allow the cake to sit at room temperature for 3 hours, up to overnight.
Combine the butter, brown sugar, heavy cream, and salt in a medium saucepan. Stirring constantly, heat the mixture over medium-high heat until it begins to boil, then keep stirring as it boils for one minute.
Remove the mixture from the heat and stir in the vanilla extract and confectioner's sugar. Whisk until the mixture is smooth and no lumps remain.
Once boiling, whisk the mixture for 1 minute as it thickens. Remove the mixture from the heat and stir in the vanilla extract and confectioner's sugar, then whisk until smooth.
Pour the caramel glaze over the cooled cake and garnish with candied pecans if desired.