*please make sure your ingredients are at room temperature before baking!*
Preheat the oven to 350 degrees Fahrenheit. Lightly grease and then line two 8 or 9 inch round cake pans with parchment paper and set aside. I used 8 inch pans, if you use 9 inch, the layers will just be a bit thiner.
Sift together all dry ingredients into a large bowl and whisk together. Be sure to spoon and level the flour, do not pack it in or scoop from the bag. Set aside.
In a large mixing bowl or bowl of a stand mixer, beat together the room temperature butter, oil and sugar until well combined. Beat in all remaining wet ingredients except for the food coloring.
Combine the dry ingredients with the wet and whisk together until smooth. Add in the food coloring and whisk until well combined. I used one of these containers.
Transfer to the prepared pans and bake in the center of the oven for 25-32 minutes or until a toothpick comes out clean.
Remove from the oven, let cool for about 10 minutes, then flip onto a cooling rack and let cool completely.
To make the buttercream, beat together the butter and cream cheese until well combined. Beat in the powdered sugar about 2 cups at a time until smooth and creamy. Beat in the salt and vanilla. Wait until the cake has cooled completely before frosting.
Frost the top of one layer, then add the second layer on top and frost the top and sides. Enjoy!