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In a heavy saucepan, over low heat, melt candy bars with 1 stick butter, stirring often until smooth. Remove mixture from heat and allow to cool.
Beat remaining stick of butter and sugar until light and fluffy. Add eggs, 1 at a time, mix well after each addition. Stir together flour and baking soda and add to batter alternately with buttermilk, mixing just until dry ingredients are moistened. Blend in cooled Milky Way mixture and vanilla.
Turn into a greased and floured bundt pan. Bake in 350 degree F oven for 1 hour 20 minutes or until top springs back when lightly touched with finger tip. (Top of cake will be very dark). Cool 15 minutes before removing from pan and cool on a wire rack.
For Frosting: In a saucepan, over low heat, melt candy bars and butter. Gradually beat in confectioners' sugar. Thin to desired consistency with milk.