Preheat oven to 350 degrees.
Grease and flour a 10 inch Bundt pan or tube pan.
Grate 2 tablespoons of orange peel and combine with 1 cup fresh orange juice.
In an electric mixer, beat the sugar and butter until light and fluffy.
Add remaining ingredients at low speed including orange peel and juice.
Spoon batter into pan. Bake 50 to 55 minutes or until toothpick inserted in center comes out clean. Cool cake in pan on wire rack for 10minutes.
Remove from pan. Cool completely on rack. Transfer to a serving tray.
This cake can also be baked in 2 8-inch by 4-inch loaf pans, or mini loaves cakes pans. Baking time will vary, about 35 to 40 minutes for mini loaves.
Combine water and sugar in a 4 quart saucepan.
Bring to a boil. Wash and slice oranges across into 1/4-inch slices.
Add to syrup, and boil or medium-high heat until syrup starts to thicken, about 15 minutes.
Cool syrup for 5 minutes, and carefully arrange orange slices on top of cake.
Pour syrup over. Keeps for 2 to 3 days, covered, or freeze for up to 1 month.