Spray bottom only of 9-inch springform pan with cooking spray.
In large bowl, beat butter and granulated sugar with electric mixer on high speed 1 minute or until smooth and creamy.
Add eggs and vanilla; beat on medium speed about 10 seconds or until well blended.
Add Bisquick mix; beat on medium speed about 30 seconds or until mixed.
Spread batter evenly in bottom of pan.
Arrange mandarin oranges and cherries on batter.
Sprinkle with pecans.
Bake 35 to 40 minutes or until golden brown and toothpick inserted in center comes out clean.
Cool 20 minutes in pan on cooling rack.
Remove side of pan.
In small bowl, beat cream cheese, powdered sugar and 1 tablespoon milk with electric mixer on medium speed until smooth.
Beat in remaining milk, 1 teaspoon at a time, if needed for desired consistency.
Drizzle icing over warm cake.
Sprinkle with orange peel.
Store in refrigerator.
Notes / Tips / Wine Advice:
Make-Ahead Magic
Bake and cool cake, but do not top with icing; wrap in plastic wrap and foil. Freeze up to 2 weeks. Remove plastic wrap and foil; rewrap in foil and place on ungreased cookie sheet. Bake at 350°F for 20 to 25 minutes or until heated through. Unwrap cake; drizzle with icing.
Festive Touch
This delicious cake would be a perfect hostess gift. Wrap in plastic wrap and tie with a festive ribbon.