The star aimed an angry tirade at Busey, his fellow contestant, after accusing the actor of stealing his art supplies during one creative challenge.
It has become one of the talking points of the current series - and Meat Loaf admits he's not proud that he lost his cool while the cameras were rolling.
Appearing on Thursday's Ellen DeGeneres Show in America, the "Bat Out of Hell" rocker said, "(That was) one of the most embarrassing moments of my entire life. I've seen all the other shows. I didn't watch that one.
"Sometimes in your life you just do things that are wrong and you just have to take responsibility for them and say, you're a moron. I have done that. Anyway, I am speechless over that. The rest of the show I'm pretty calm."
Meat Loaf is still fighting for the Apprentice crown, while Busey was 'fired' by Trump last month. Country star John Rich, rapper Lil Jon and actress Marlee Matlin are also still in the competition.