Preheat oven to 325F-beat butter and cream cheese at medium speed with mixer until creamy-gradually add sugar, beating at medium speed until light and fluffy-add liqueur and vanilla, beating just until blended-gradually add flour to butter mixture, beating at low speed just until blended after each addition.
Add eggs, one at a time, beating at low speed just until blended after each addition-pour batter into a greased Bundt pan.
Bake at 325F for one hour and five minutes - one hour and ten minutes or until a long wooden pick inserted to the center comes out clean.
During the last ten minutes of baking prepare the Frangelico glaze-remove cake from the oven and gradually spoon the glaze over the cake in pan (continue to spoon the glaze over the cake until all the glaze is used, allowing it to soak into the cake after each addition) Cool cake completely in pan ( about one and a half hours)
bring all ingredients of glaze to a boil in a small sauce pan on medium heat-stir often; reduce heat to medium-low and boil, stirring constantly, 3 minutes, remove from heat and use immediately