*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. 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.
Beat in the dry ingredients with the wet and mix together until smooth. Add in the food coloring and beat until well combined.
Transfer to the prepared cake pans and bake in the center of the oven for 32-40 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!