Combine all ingredients, blend for 1 minutes with mixer at low speed; beat at high speed for 2 minutes. Spoon into greased and floured Bundt pan. Bake at 350 degrees for 45 minutes. Cool at least 10 in pan; turn out to cool. Ice with the milk chocolate frosting. Frosting: Combine all ingredients in small mixing bowl, beat 1 minute at low speed, beat for 1 minute at high speed. Stir in a few more drops of water until mixture reaches desired spreading consistency.