Mix granulated sugar and cinnamon in medium bowl. Add biscuit pieces, 1 at a time; toss to evenly coat
Place half the biscuit pieces in 12-cup fluted tube pan sprayed with cooking spray; drizzle with half the butter. Repeat
Sprinkle with any remaining cinnamon sugar
Bake 40 to 45 minutes or until toothpick inserted near center comes out clean and top is golden brown. Cool in pan 5 minutes; invert onto plate. Remove pan. Cool 10 minutes
Beat cream cheese, powdered sugar and 1 Tbsp. milk in small bowl with mixer until blended. Beat in remaining milk, if needed, for desired glazing consistency. Spread over warm bread
