Heat oven to 350 degrees F°. Grease 10-inch Bundt pan. Drain peaches; pat dry on paper toweling. Coarsely chop.
Combine cake mix, cinnamon, allspice, molasses, salt, oil and eggs in large bowl. Stir in peaches and the 1 cup of walnuts. Pour batter into prepared pan.
Bake in 350 degree F oven 1 hour or until wooden pick inserted comes out with fine crumbs. Cover with foil if cake browns too quickly. Transfer pan to rack to cool.
Beat cheese in bowl until smooth. Beat in sugar, milk, juice, vanilla. Spoon over cake. Top with walnuts. Makes 10 servings.