Preheat the oven to 180°C (350°F) and line 2x 22cm (9 inches) round cake tins with oil and parchment paper.
Add the oil, butter, and sugar to a bowl of a stand mixer fitted with a whisk attachment. Beat at medium to high speed until light and fluffy, for about 4 minutes.
Add the eggs to the butter and sugar mixture one at a time. Beat well between each addition and scrape down the sides of the bowl often.
Sift together the salt and self-raising flour and add the flour mixture to the egg and sugar mixture. Beat at low speed until just combined.
Combine the milk and vanilla extract in a jug, and slowly pour this into the cake mixture with the mixer's motor running at low speed. Scrape down the sides of the bowl and mix again, making sure it is lump-free.
Divide the cake batter between the two prepared cake pans and bake in a preheated oven for 40 minutes or until a cake tester inserted into the center of the cake comes out clean. Allow the cakes to cool in their tins for 30 minutes, before turning them onto a wire rack to cool completely.
Vanilla Buttercream
In a bowl of an electric stand mixer fitted with a paddle attachment add the icing sugar and unsalted butter. Beat at medium speed until combined. The mixture is ready when it looks like fine sand.
Combine the cream and vanilla together in a small jug and slowly add this to the icing sugar and butter mixture with the motor of the mixer running at low speed. Once added increase the speed to medium-high and beat for 5 minutes.
Beat the frosting at medium-high speed and scrape down the sides of the bowl often with a rubber spatula when beating to ensure that the frosting is beating thoroughly. Add the frosting to a piping bag.
Assembly
Use a sharp knife to trim the domed tops off the cake layers if necessary.
Secure the first cake layer onto a cake plate with some frosting. Pipe a layer of frosting over the surface of the cake and smooth this out with an off-set spatula.
Place the second layer of cake onto the first layer with the cut side facing down.
Pipe the frosting over the tops and sides of the cake and use a knife to create swirls in the frosting. Decorate the top of the cake with sprinkles, slice, serve, and enjoy!
Notes
For a fluffy, spreadable buttercream the butter must be at room temperature. If the frosting seems too hard to spread continue mixing until it is light and fluffy, this may take longer than suggested depending on the temperature of the butter as well as the ambient temperature.