Preheat oven to 350 degrees F.
Spray bundt pan generously with cooking spray.
In a large bowl, whisk together oil and sugars until well combined.
Add eggs, one at a time, whisking to completely combine after each addition.
Add vanilla extract and whisk to combine.
Add baking powder, baking soda, cinnamon, cloves, nutmeg, and salt and whisk to combine, then stir in flour with a spatula.
Fold in carrots.
Pour into prepared bundt pan.
Bake in preheated oven for 45-50 minutes, until golden on top and baked through.
Let cool in the pan for 10 minutes, and then turn cake out onto a wire rack and cool completely.
To make the frosting:
Beat cream cheese and butter with electric mixer until creamy.
Add powdered sugar slowly, beating well to combine.
Add lemon zest and 1 tablespoon of milk at a time, until desired consistency is reached.
Drizzle/spread over cooled cake.
Sprinkle with chopped pecans.
Slice and enjoy!