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Mix dry ingredients: In a large bowl, whisk together flour, sugar, baking powder, baking soda, cinnamon, nutmeg, and salt.
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Mix wet ingredients: In another bowl, whisk together buttermilk, egg, melted butter, and vanilla.
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Add the carrots: Stir the shredded carrots and raisins into the wet mixture. Let sit 1-2 minutes so the carrots soften.
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Combine: Pour the wet mixture into the dry ingredients. Stir until just combined. Don't overmix - lumpy batter makes tender pancakes.
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Cook: Heat a cast iron skillet or griddle over medium heat with butter. Pour 1/4 cup batter per pancake. Cook until edges set and bubbles form (2-3 minutes), then flip and cook 1-2 minutes more until golden.
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Keep warm: Transfer cooked pancakes to a plate in a 200F oven while you finish the rest.
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Make cream cheese syrup: Beat together softened cream cheese and butter until smooth. Add powdered sugar, vanilla, and cinnamon. Beat until creamy. Add milk 1 tablespoon at a time until it reaches pourable syrup consistency.
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Serve: Stack pancakes, drizzle with cream cheese syrup, and top with a sprinkle of cinnamon.