1Heat oven to 350°F (325°F for dark or nonstick pan). Generously grease and lightly flour 12-cup fluted tube cake pan, or spray with baking spray with flour. In large bowl, beat cake ingredients with electric mixer on low speed 30 seconds, then on medium speed 2 minutes, scraping bowl occasionally. Pour into pan.
2Bake 47 to 53 minutes or until toothpick inserted in center comes out clean. Cool 10 minutes; remove from pan to cooling rack. Cool completely, about 2 hours.
3In large bowl, beat powdered sugar, 3 tablespoons butter, the cream cheese and 3 tablespoons of the syrup with electric mixer on low speed. Beat in enough of the remaining syrup to make a smooth, soft frosting that will flow down side of cake. Spread frosting over cake. Store loosely covered in refrigerator.