Cut the bread into cubes the night before and leave out to become a tad stale.
In a medium saucepan, heat the cream over medium heat. Meanwhile, place the white chocolate chips in a large mixing bowl. When the cream comes to a simmer, remove the pan from the heat and slowly pour over the chips, whisking until the chips melt. Whisk the sugar into the mixture; add the milk, eggs, egg yolks and vanilla.
Add the bread to the bowl, gently stirring to coat the cubes. Set the mixture aside to allow the bread to soak, tossing periodically (about 30-40 minutes or so).
Toss the pecans into the soaked bread mixture, then pour into a baking dish (individual dishes can be used for single servings).
Place in 350 degree oven for about 45 minutes. Test the bread pudding to make sure the top is golden brown and the inside is cooked (not too dry though).
Remove from oven and serve with caramel sauce.
Hawaiian Caramel Sauce Preparation
In a large saucepan, combine the sugar, water and corn syrup. Place over high heat and cook until the sugar dissolves and begins to boil. Note: Do not stir the sugar, as this could cause it to seize.
While the sugar is cooking, combine the cream, butter and salt in a saucepan over medium heat. Keep an eye on the sugar while heating the cream to keep it from scorching. Cook until the butter melts, stirring it into the cream. When the mixture comes to a simmer, remove from heat.
Continue to cook the sugar until it darkens to a rich caramel color, 9 – 15 minutes. Swirl the pan as the sugar darkens – watch carefully as it can burn easily at this stage.
When rich caramel in color, immediately remove the pan from the heat and add the cream mixture in a slow, steady stream. The sugar will bubble and steam as the cream is added. Stir in the vanilla.
When the pudding is baked, spoon generous helpings into bowls. Drizzle the sauce over the portion and serve immediately.