Preheat the oven to 350° F. Spray a 9x5 inch loaf pan with non-stick spray and set aside.
Combine the ingredients for the ‘cinnamon swirl’ in a small bowl and set aside.
Using a stand mixer or an electric hand mixer, combine the canola oil, granulated sugar, eggs, vanilla and butter extract.
Next, add the flour, baking powder and salt. Start mixing slowly and add the buttermilk and water to the bowl while you finish mixing. You should end up with a thick batter.
Add about 1/3 of the batter to the prepared pan and then sprinkle generously with the cinnamon swirl mixture.
Use a knife to cut into the batter and swirl the cinnamon into the batter.
Repeat adding about 1/3 of the batter on top of the cinnamon layer and then repeat sprinkling and swirling the cinnamon into the batter.
Add the remaining batter to the loaf pan and sprinkle the remaining cinnamon onto the top. Use a knife to swirl the cinnamon into the batter.
Bake at 350° F for 50-55 minutes, covering the bread loosely with foil after about 30 minutes to prevent the top from over browning.
Allow the bread to cool for 1 hour in the pan. After that, remove from the pan and make the icing.
To make the icing, first combine the butter with 1/2 cup of powdered sugar. Once completely incorporated, add another 1/2 cup of powdered sugar.
To the mixture add a splash of heavy cream or milk to bring the mixture together, if needed, keeping the mixture thick.
Add the last 1/2 cup of powdered sugar, mixing until combined.
Finally, add in the vanilla extract. If needed, adjust the consistency of your icing by adding more heavy cream/milk. Remember a little goes a long way and you want to keep the icing thick.
Transfer the icing to a microwave safe bowl and microwave to heat and thin the icing.
Pour over your loaf of bread, slice and enjoy.