In a saucepan, place both sugars. Cook on medium until amber liquid color. Whisking all the while.
Remove from heat. Add butter. Whisk.
Add cinnamon, vanilla, and pumpkin. Whisk until completely blended. Place on stove on low heat.
Add heavy cream. Blend well. Cook, whisk, and continue to reduce. Depending on what you are making with this, the amount you want to reduce will vary.
If you are making a caramel sauce for ice cream or to top pies, it will still be liquidy, but cling to the spoon. Remember when it cools, it thickens. If you want to make Pumpkin Caramel Balls rolled in Pecans and Orange Sprinkles (very good and festive!) reduce until quite thick and refrigerate before making.