Evenly grease baking ring or spray with vegetable oil. In a large mixing bowl, combine all ingredients. Beat for 4 minutes on medium speed with electric mixer. Remove 1-1/2 cups batter; reserve for cupcakes. Pour remaining cake batter into prepared baking ring. Microwave on 2/3 power (medium high) for 2 minutes, 1/2 power (medium) for 20 to 30 minutes or until wooden pick inserted in center comes out clean. Rotate once during cooking time, if necessary. Batter will run over sides of pan slightly. Let stand in pan for 10 minutes. Turn out on plate and glaze while warm.
Glaze: Combine ingredients in a small bowl. Stir until smooth and drizzle over warm cake.