Heat oven to 350°F. Spray 16 regular-size muffin cups with cooking spray. On work surface lightly sprinkled with flour, unroll pie crust. Using rolling pin, roll out crust to 14 inches. With 3-inch round cutter, cut crust into 16 rounds.
Gently press rounds into muffin cups, pressing folds of dough inside cups around sides to make smooth surface.
In large bowl, mix brown sugar, corn syrup, cinnamon and egg until well blended. Stir in melted butter, pecans and carrot. Spoon evenly into crust-lined muffin cups (about 1 tablespoon per cup).
Bake 22 to 27 minutes or until filling is puffed and crust is golden brown. Cool in pan 10 minutes. Run knife around edges of cups to loosen. Remove from pans to cooling rack. Cool completely, about 1 hour.
In medium bowl, beat cream cheese with electric mixer on high speed until smooth. Add powdered sugar; beat on low speed until creamy. Top each serving with a dollop of frosting. Cover and refrigerate any remaining tarts.