Preheat oven to 375° and grease a bundt pan.
In a large mixing bowl, combine sugar and lemon zest. Stir to coat zest before adding butter.
Cream butter and sugar with an electric mixer on medium-high, about 7 minutes. Add eggs, one at a time, mixing in between every addition and scraping the sides down as necessary.
Slowly add flour to creamy mixture and mix just until combined. Add lemonade and mix until fully incorporated.
Pour mixture into greased bundt pan and bake for 70-75 minutes, or until cake is golden and a toothpick inserted comes out clean.
Allow cake to cool for 10 minutes or so before turned out onto a cake pan. Prepare frosting.
In mixing bowl, combine butter, cream cheese and powdered sugar. Mix until smooth then add 2 tablespoons of Old-Fashioned Lemonade with Lime. Incorporate with mixer.
Add more lemonade if needed to get desired frosting consistency for easy drizzling and spreading. Frost cooled cake and enjoy!