Separate rolls and arrange 1 package (8 rolls), flat side down, around bottom of ungreased 6 1/2-cup ring mold.
Stagger remaining package of rolls on top of first layer, covering seams of rolls on bottom layer.
Bake at 375° for 20 to 25 minutes.
Invert on serving plate while warm.
Spread top and sides with frosting included in packages.
Decorate with nuts.
Serve warm with butter.