Cream margarine or butter and sugar thoroughly; add eggs, vanilla, and 2 tablespoons of orange juice. Combine flour and baking powder and gradually add to creamed mixture.
Knead dough on lightly floured board for about 5 minutes. Using tablespoonfuls of dough, roll in 6-inch lengths; press ends together to form rings. Let stand on ungreased cookie sheets at room temperature for 15 minutes.
Bake 350 degrees F (180 degrees C) for 15-17 minutes or until lightly golden.
To Make Icing: Combine 2 1/2 cups confectioner's sugar with enough orange juice to make a thin glaze. Dip each hot cookie into glaze; cool on racks. Decorate with confetti sprinkles, if desired.