Line cookie sheet with waxed paper. Place caramels 1 inch apart on waxed paper-lined cookie sheet. In small saucepan over low heat, melt chocolate chips and butter, stirring occasionally.
For each candy, insert toothpick into top of pecan; dip bottom in melted chocolate; place on top of caramel. Remove toothpick. Repeat with remaining caramels and pecans.
Place remaining chocolate in decorating bag fitted with writing tip or in small resealable plastic freezer bag with 1 corner snipped off to make a very small hole for piping. Drizzle each candy with chocolate.