Faye's Rum Cake

1 1/2 c. butter, divided

2 1/2 c. sugar

3 1/2 c. SR flour

1 T. & 2 t. rum or rum extract, divided

1 c. brown sugar

1/2 c. oil

5 eggs

1 c. milk

1 c. chopped pecans

1/3 c. water

Cream 1 c. butter, oil, and sugar. Blend well. Add eggs, one at a time, beating well after each egg. Add flour gradually, alternating with milk and 1 T. rum. Spray bundt or angel food cake pan, and line with wax paper. Sprinkle pecans on bottom of pan, sprinkle with flour. Add batter. Bake at 225 degrees for 1 hour, then increase temperature to 300 degrees and bake 45 minutes more. Boil water, brown sugar, and 1/2 c. butter for 2-3 minutes. Add 2 t. rum and mix well. Spread over hot cake.