Spread pecans in a single layer on a baking sheet. Toast in a preheated 350°F oven for 6-8 minutes. Set aside to cool.
Increase the oven temperature to 375°F. Spray a 13 x 9 inch baking dish with cooking spray. Set aside.
In a large mixing bowl, mix together the evaporated milk, pumpkin, sweetened condensed milk, eggs, brown sugar, eggs, rum, vanilla, pumpkin pie spice, cinnamon, salt.
Add the bread to the custard. Press the bread pieces into the custard. Let the mixture sit on the counter for 20 minutes to allow the bread to soak up the custard.
Next, using a large spatula, fold in the pecans and chocolate chips, if using.
Pour the mixture evenly into the baking dish. Bake for 35-40 minutes or until the top is crusty and golden.
Allow the bread pudding to stand for 20 minutes before serving.
Meanwhile, in a small saucepan over medium low heat, combine the brown sugar and cream. Simmer just until the sugar is melted and the sauce is smooth. Do not boil.
Remove from the heat and add the rum, vanilla, cinnamon and powdered sugar. Stir until all of the sugar has dissolved.
Pour the brown sugar-rum sauce over the hot bread pudding.
Dust with cinnamon and serve with a dollop of fresh whipped cream if desired.