Start by mixing oil, sugars, and eggs in a large bowl until they blend well. Then, gradually add the flour, cinnamon, baking soda, salt, and nutmeg to the creamed mixture, making sure everything blends together. Finally, fold in the apples, walnuts, and vanilla to complete your recipe.
Prepare a 10-inch fluted tube pan by greasing and flouring it. Bake at 325°F for 1.5 hours or until a toothpick inserted into the center comes out clean. After baking, allow it to cool in the pan for 10 minutes before transferring it to a wire rack for complete cooling.
Heat and stir brown sugar, cream, butter, and salt in a small saucepan over medium-low heat until the sugar dissolves. Afterward, transfer this mixture to a small bowl and allow it to cool to room temperature. Next, beat in confectioners' sugar until achieving a smooth consistency. Finally, drizzle this delectable glaze over your cake and, if you wish, sprinkle it with walnuts.