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For cajeta sauce:
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Combine milk, sugar, cinnamon stick, salt, vanilla beans and pod in a large, heavy-bottom sauce pan or Dutch oven. Bring to a gentle boil, stirring frequently. Remove from heat and stir in dissolved baking soda. Be cautious as baking soda causes the mixture to rise and bubble. When bubbles subside, return to heat.
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Simmer mixture over medium-low to medium heat, stirring at least every 10-15 minutes to ensure caramel does not burn. You don't want the mixture to be boiling; however, it should be at a rapid simmer (otherwise this process may take seemingly forever). Continue to cook for about 1 to 1 1/2 hours or until mixture takes on a deep caramel color and is a syrupy consistency. After about 45 minutes, I tasted the sauce and removed the cinnamon stick as it was cinnamon-flavored enough for me at this point. Stir in the bourbon during the last few minutes of cooking. Before serving, also discard the vanilla bean pods. If using vanilla extract, stir in with the bourbon.
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For the waffles:
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While cajeta sauce cooks, prepare waffle batter. Combine flour, sugar, baking powder and spices in a large bowl. Combine pumpkin, milk, egg, and vanilla in another bowl. Add wet ingredients to dry ingredients, stirring just to combine. Stir in melted butter. Do not over-mix. Allow batter to rest for 15 minutes or up to an hour at room temperature.
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Meanwhile, heat waffle iron. Grease iron, ladle in batter and cook according to manufacturer's directions. For my iron, I scoop about 1/2 cup of batter per waffle. Repeat process with remaining batter. Reheat cajeta sauce for several seconds in the microwave if prepared ahead of time. Serve waffles with cajeta sauce, pepitas and whipped cream. Enjoy.
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Note: After some experimentation, I learned my waffle iron produces the most perfectly cooked-through, crispy waffles at the medium heat setting for 2 1/2 to 3 minutes. The indicator light that shows your waffles are ready is not always the most accurate measure of doneness. The ideal temperature and cook time will vary largely depending on the thickness and composition of your batter.
