PREHEAT oven to 350°F. Mix granulated sugar and cinnamon in medium bowl; set aside. Cut each biscuit into quarters; roll in cinnamon-sugar. Place half of the biscuit pieces in greased 12-cup fluted tube pan; drizzle with half of the butter. Top with remaining biscuit pieces, then drizzle with remaining butter. Sprinkle with remaining cinnamon-sugar.

BAKE 40 to 45 min. or until golden brown. Cool in pan 5 min.; invert onto serving plate.

BEAT cream cheese and powdered sugar in small bowl with electric mixer on medium speed until well blended. Add 1 Tbsp. of the milk; beat until well blended. Beat in enough of the remaining milk until glaze is of desired consistency. Drizzle over warm bread. Serve warm.