Preheat oven to 350. Brease 12-cup Bundt pan.
Microwave 1 cup morsels in small, uncovered, bowl on medium-high for 1 minute, stir well. The morsels may retain some of their original shape. If necessary, microwave at additional 10-15 second intervals, stirring just until melted. Cool to room temperature.
Combine flour, granulated sugar, baking powder, cinnamon, salt & nutmeg un medium bowl. Stir together melted morsels, pumpkin, vegetable oil, eggs and vanilla extract in large bowl with whisk. Stir in flour mixture. Spoon batter into prepared Bundt pan.
Bake for 40-50 min. or until wooden toothpick comes out clean. Cool in pan on wire rack. Sprinkle with powdered sugar. Serve with butterscotch sauce.
Heat 1/3 cup evaporated milk in medium, heavy-duty saucepan over medium heat just to a boil, remove from heat. Add remaining morsels, stir until smooth. Return to heat, stirring constantly, bring mixture just to a boil. Cool to room temperature, stir before serving over cake.
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