CUT each biscuit into quarters.
MIX granulated sugar and cinnamon in medium bowl. Add dough quarters, in batches; toss to coat.
PLACE 1/2 the biscuit pieces in greased 12-cup fluted tube pan; drizzle with 1/2 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.