In a small saucepan, heat 1/4 cup butter and the water over low heat until melted. Add the 3 tablespoons cocoa and stir until smooth. Remove from heat. Beat in powdered sugar and the 1 teaspoon vanilla. Stir in additional hot water, if needed, to reach drizzling consistency. Drizzle over cookies along with caramel topping. Sprinkle with pecans, if you like.