Step 1: Place oven rack in middle position and preheat oven to 350 degrees Fahrenheit.
Step 2: In a medium bowl, cut butter into flour and mix in pecans, until well combined. Evenly pat mixture into the bottom of an 8"x8" pan.
Step 3: Bake at 350 degrees for 15 minutes. Remove crust from oven and allow to cool.
Step 4: Beat cream cheese until fluffy. Add 1 cup of the whipped topping and the powdered sugar and beat until well incorporated and no lumps remain. Spread mixture evenly over cooled crust.
Step 5: In large mixing bowl, whip together the pudding mixes, milk and sweetened condensed milk, until thick and no lumps remain. Spread evenly over cream cheese layer.
Step 6: Spread on remaining whipped topping. (Decorate with chocolate shavings or pecans, if desired.)
Step 7: Cover and refrigerate until served.
Step 8: Cover tightly and refrigerate leftovers.
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