BRING first four ingredients to a boil in a heavy 4-quart saucepan, stirring constantly. Boil, stirring constantly, 5 minutes or until a candy thermometer registers 210°F. Stir in butter, corn syrup, and pecans; Return to a boil, and boil, stirring constantly, 5 minutes or until thermometer registers 232°F (thread stage).
REMOVE from heat; Beat with wooden spoon 1 to 2 minutes or until mixture begins to thicken. Quickly drop by tablespoonfuls onto wax paper; let stand until firm. Store in an airtight container.