The camera plugin starts the device's camera app, so I guess that on a phone with a camera app that does panorama you can take panorama from a cordova app (the user would have to select the function manually).
Otherwise you would have to either
build a plugin in native code to start a different app that does panorama or
build a plugin with it's own camera view and you would have to code yourself the panorama function or
try to use the HTML5 api that allow access to the camera to do the panorama
The camera plugin starts the device's camera app, so I guess that on a phone with a camera app that does panorama you can take panorama from a cordova app (the user would have to select the function manually).
Otherwise you would have to either