To make the strawberry reduction, add the strawberries to a food processor or blender and puree until smooth. Strain if desired.

Add the puree to a medium saucepan and cook over medium heat until thickened and reduced to 1 cup, about 20-25 minutes. Allow to cool.

Preheat oven to 325°F (163°C) and prepare a 10-14 cup bundt pan with non-stick baking spray.

In a large mixer bowl, cream butter and sugar together on medium speed until light and fluffy, about 5 minutes.

Add eggs one at a time, mixing until well incorporated after each.

With the mixer on low, carefully add flour, baking powder, and salt; mix until just combined.

Add strawberry and vanilla extracts, milk, ¾ cup of the strawberry reduction, and gel icing color (if using); mix until just well combined.

Spread the batter evenly into the bundt pan and bake for 75-85 minutes or until a toothpick inserted comes out mostly clean.

Allow the cake to cool for about 10 minutes, then invert onto a cooling rack to cool to room temperature.

To make the icing, combine all icing ingredients except powdered sugar in a small saucepan. Heat on low until sugar is melted, then turn to medium and bring to a boil. Boil for 3 minutes while stirring, then remove from heat and pour into a heat-proof glass bowl.

Allow to cool for 5-10 minutes, then add about 3/4 cup powdered sugar and whisk until smooth. Adjust consistency with additional powdered sugar or water as needed.

Drizzle the icing over the cake while still warm.