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Preheat oven at 325 degrees. Generously apply nonstick spray with flour to a large (15 cup) bundt pan.
In a stand mixer with a paddle attachment, beat butter, sugars, and cookie butter until light and fluffy, about 3 to 4 minutes. Add eggs one at a time, beating well after each addition. Follow up with vanilla.
In another bowl, stir together flour, salt, cinnamon, and nutmeg. Gradually add the dry mix to the wet, alternatively adding in the milk as well. Scrape the bottom of the bowl to make sure everything is combined.
Spoon batter into the greased pan. Even out the batter over the top.
Bake for an hour to an hour and 5 minutes, until the middle of the cake passes the toothpick test. Let it cool in pan for 20 minutes, then invert it onto a cooling rack to cool completely.
In a mixing bowl, beat together the confectioners' sugar, cookie butter, and milk. Beat for 1 to 2 minutes, until it is nice and smooth; if it is too loose, add more confectioners' sugar, and if it's too thick, add a touch more milk. Immediately drizzle over cake to form thick drizzles. Crush the two Biscoff cookies and crumble them over the top.
Store cake under a cake dome, or cut into individual slices to encase in plastic wrap.