Preheat oven to 375 degrees.Cream sugar and oil. Add eggs one at a time, beating after each. Stir next 7 ingredients together. Add nuts and raisins. Stir in flour mixture and add alternately with buttermilk to creamed mixture. Pour into greased and floured tube pan. Bake at 375 degrees for 1 hr.
For glaze, melt butter and add sugars. Stir and cook 1 min. until bubbly. Stir in cream and bring to a boil.Cook and stir 2 min. Drizzle over cake and down sides.