Here is the recipe which was originally posted by Betsy.

FUDGE PECAN RIPPLE LAYER CAKE
Source: Southern Living Homestyle Cooking

CAKE:
1/2 cup shortening
1 1/2 cups sugar
2 large eggs
1 2/3 cups all purpose flour
2/3 cup cocoa
1 1/2 teaspoons baking soda
1/2 teaspoons salt
1 1/2 cups buttermilk
1 tablespoon plus 1 teaspoon vanilla extract, divided use
CREAM CHEESE MIXTURE:
1 (8ounce) package cream cheese, softened
2 tablespoons butter, softened
1 tablespoon cornstarch
1 (14 ounce) can sweetened condensed milk
1 large egg
FROSTING:
2/3 cup butter, softened
5 3/4 cups sifted powdered sugar
1 1/3 cups cocoa
1 cup plus 2 tablespoons milk
3/4 cup chopped walnuts, toasted

Preheat oven to 350 degrees F. Grease 2 (9-inch) round cake pans; line with wax paper. Grease and flour wax paper. Set aside.

CAKE:
Beat shortening at medium until fluffy; gradually add 1 1/2 cup sugar, beating well. Add 2 eggs, 1 at a time beating until blended after each addition.

Combine flour, cocoa, baking soda and salt; add to shortening mixture, alternately with buttermilk, beginning and ending with flour mixture. Mix at low after each addition until blended.

Beat 3 more minutes at high speed, stopping once to scrape down sides. Stir in 2 teaspoons vanilla extract. Pour batter into prepared pans. Set aside.

CREAM CHEESE MIXTURE:
Beat cream cheese, 2 tablespoons butter and cornstarch at medium until creamy. Gradually add sweetened condensed milk, beating well. Add 1 egg; beat well. Stir in remaining 1 teaspoon vanilla extract. Spoon cream cheese mixture evenly over batter.

Bake at 350 degrees for 40 minutes or until a wooden pick inserted in center comes out clean. Cool in pans on wire racks 10 minutes; remove from pans and cool completely on wire racks.

FROSTING:
Beat 2/3 cups butter at medium until creamy.

Combine powdered sugar and 1 1/2 cups cocoa; add to butter alternately with 1 cup plus 2 tablespoons milk, beginning and ending with powdered sugar mixture. Beat until spreading consistency.

Stir in remaining 1 teaspoon vanilla extract. Spread frosting between layers and on top and sides of cake. Sprinkle with toasted walnuts.