Preheat your oven to 350 degrees F.
In a small saucepan add the water, butter and cocoa powder. Heat over medium/low heat with intermittent stirring until fully melted and combined. Turn the heat up to medium and bring to a boil. Take off the heat and set aside to cool.
In a large mixing bowl combine the dry ingredients with stirring: flour, sugar, brown sugar, baking soda, and cinnamon. Add in the water/butter/cocoa mixture and stir together.
Incorporate the eggs one at a time with vigorous stirring, then mix in the buttermilk and vanilla extract.
Pour batter into the baking sheet and bake at 350F for 20 minutes. Remove from oven when an inserted toothpick comes out clean. Set aside while you make the frosting. You want to pour the frosting on while the cake is still warm.
To make the frosting, add the butter, milk, and cocoa to a small saucepan. Bring to a boil over medium heat. Take off the heat and stir in the vanilla extract. Sift in the confectioner’s sugar and stir to fully combine. Stir in toasted chopped walnuts if using. Pour over warm cake. You can use a rubber spatula or offset spatula to distribute the icing all over the cake. Work fast, as the icing dries quickly.