I've used this recipe quite a number of times and have experimented with many different rums. The best is actually a combination of two different kinds. For the cake, use Bicardi Dark/Select or Myers. For the glaze, use Appleton Estates.
If you can't find Appleton Estates, use the Bicardi or Myers, but the Appleton really makes the glaze sweeter and almost tangy - it's strong without completely overwhelming the flavour. Captain Morgan's is also good for the cake, but I wouldn't recommend it for the glaze. Both Captain and Bicardi tend to be too heavy of a flavour while in the glaze, while Myers is exceptionally weak.
Also, some other tips: MAKE SURE YOU SIFT YOUR CAKE MIX/PUDDING! They clump really easily. Also, as others have said, use the Pillsbury since it already has the pudding mix. Use milk instead of water - fat free milk works best, honestly. When you're ready to glaze, poke holes into the top of the cake with a toothpick, pour half the glaze in the pant and re-insert the cake. Poke holes into the bottom of the cake and pour the remaining glaze over it. Let it sit for an hour or two, upside down, and then flip it over onto a plate and let it sit for a few hours to a day before serving. Personally, I just leave it in the pan on the plate, as it keeps it moist and detracts people from "picking" at it!
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I've used this recipe quite a number of times and have experimented with many different rums. ...