Preheat oven to 300F. Line a large sheet pan with parchment paper and set aside.
In a large pot, heat oil and 2-3 popcorn kernels over medium heat covered. When popcorn pops, immediately remove pot from heat and wait 30 seconds before adding remaining popcorn and swirling into bottom of pot.
Return pot to medium heat. Once popcorn starts popping, shake over medium heat occasionally until popcorn stops popping. Remove from heat and transfer popcorn to a large bowl.
Place sugar in a medium pot and melt over medium heat, stirring occasionally. Reduce heat to low and add butter, whisking until melted. Very slowly begin adding cream, whisking constantly (be careful, it may splatter a bit) Let caramel cook over low heat 2-3 minutes until golden brown and thickened.
Remove caramel from heat and whisk in spices, salt, and vanilla extract. Pour caramel over popcorn and toss until evenly coated.
Arrange popcorn in a single layer on prepared sheet pan. Bake popcorn at 300F 40-45 minutes, stirring occasionally until popcorn is golden brown and crispy. Drizzle popcorn with melted white chocolate.
Allow popcorn to cool completely to allow the caramel and white chocolate to set. Store popcorn in an airtight container until ready to serve. Enjoy!