Heat oven to 325. Generously grease and lightly flour 12 cup Bundt pan or 10 inch tube pan. In large bowl, combine all cake ingredients; blend at low speed until moistened. Beat 3 minutes at medium speed. Pour batter into greased and floured pan.
Bake at 325 for 55 to 70 minutes or until toothpick inserted in center comes out clean.
In small saucepan, combine all sauce ingredients; cook over low heat, stirring occasionally, until butter melts. DO NOT BOIL. Using long-tined fork, pierce cake 10 to 12 times. Slowly pour hot sauce over warm cake. Let stand for 5 to 10 minutes or until sauce is absorbed. Invert cake onto serving plate. Just before serving, sprinkle with powdered sugar. Serve with whipped cream if desired.
*Tip: To substitute for buttermilk, use 1 tbsp vinegar or lemon juice plus milk to make 1 cup.