Combine all ingredients in mixing bowl and beat at medium speed for 2 minutes or until batter is smooth. Pour into greased and floured 10-inch tube pan. Bake 50 to 60 minutes at 350F. Cool in pan on wire rack 25 minutes, then remove from pan.
Melt butter with milk. Add sugar and lemon juice. Drizzle over cake.
"In lieu of icing, you could just sift powdered sugar over top of cake."