Magnolia is one of my favorites, too, Maya! I'll second Magnolia Nobile. I'm quoting myself from a recent post here -
"I love a lot of fragrances, but Magnolia Nobile actually moves me. With this, I've finally found the third of a perfect magnolia triumvirate. I have the more complex and stylized magnolia blend of L'Instant de Guerlain, the ultra-creamy, sweet and warm magnolia bouquet of Avon's Tomorrow, and now this, as close as I've smelled to the real thing, and I am over the moon!"
"...Magnolia Nobile is the the newly blossomed and breathtaking magnolia grandiflora from my avatar. Like the other magnolia scents I mentioned, this is also tender and creamy, but with a flourish of cheerful green that keeps it refreshing, and authentic. It has a soft but beautiful sillage, and moderate longevity...but that's of little importance as I'd be thrilled to reapply! Utterly romantic, sweetly enchanting, and simply exquisite."
I clearly agree with ubu about L'Instant de Guerlain. I'll add that I find that the magnolia is more prominent in the edt, although it's also present in the edp. To me, the edt is mostly citrus and magnolia, and the edp has more amber and honey so it's a bit richer and just a touch less floral. They're both gorgeous.
The other fragrance I mentioned is Avon's Tomorrow. I'm not even sure that magnolia is an actual note in it, but the floral accord is all smooth and creamy magnolia to me. It can be on the sweet side, but real magnolias are pretty sweet so that shouldn't be a surprise. It's utterly beautiful, quite long-lasting, and very affordable. I highly recommend it.