In a large bowl combine the first five ingredients. Add oil, eggs, asparagus, pineapple, orange peel and vanilla extract; mix well. Fold in pecans. Pour into greased and floured 10-inch fluted tube pan. Bake at 350 degrees F for one hour or until a wooden pick inserted near the center comes out clean. Cool for 10 minutes; remove from pan to a wire rack to cool completely.
Beat cream cheese and sugar in a small mixing bowl until smooth. Add orange peel, vanilla extract and enough milk until icing reaches desired consistency. Spoon over cake, allowing icing to drip down sides.