Heat oven to 300 degrees F. Grease 2 large cookie sheets with Crisco, set aside.
Pour cereal and pecans into a large bowl. Set aside.
Place caramel bits and water in a microwave-safe bowl and microwave for 2 minutes. Stir until smooth. (if 2 minutes doesn't do the trick, microwave in 30-second increments until caramel bits are melted and can be stirred smooth.
Pour caramel over cereal and pecans and stir gently to coat. Take care not to break the cereal.
Spread onto one of the greased cookie sheets.
Bake for 15 minutes. Stir and flip the cereal. Bake for another 15 minutes.
Remove from the oven, place the other greased cookie sheet on top of the one you removed from the oven and flip it over. Let cool completely, then break apart into clusters.
Store in an airtight container.
Notes
I like to give it a little sprinkle of sea salt when it comes out of the oven for a sweet and salty taste!