HEAT oven to 350°F.
CUT each biscuit into quarters.
MIX granulated sugar and cinnamon in medium bowl. Add biscuit pieces, in batches; toss to coat.
PLACE half the biscuit pieces in greased 12-cup fluted tube pan; drizzle with half the butter. Repeat. Sprinkle with any remaining cinnamon-sugar. Bake 40 to 45 min. or until toothpick inserted near center comes out clean and top is golden brown. Cool in pan 5 min.; invert onto serving plate. Remove pan.
BEAT cream cheese and powdered sugar in small bowl with mixer until well blended. Add 1 Tbsp. milk; beat until well blended. Blend in enough of the remaining milk until glaze is of desired consistency. Drizzle over warm bread.
KRAFT kitchens tips:
Enjoy a serving of this sweet bread on a special occasion.
For an extra cinnamon hit, lightly sprinkle glazed loaf with additional cinnamon.
Prepare using a 9x5-inch loaf pan.