Preheat the oven to 350°F. Spray two 9 inch round baking pans with cooking spray and line the bottoms with parchment paper. Set aside.

In a small bowl, whisk together the flour, baking powder, spices, and salt. Set aside.

In the bowl of a stand mixer (or in a large bowl using an electric hand mixer), cream together the butter and sugar by first beating the butter on medium-high speed until smooth (about 30 seconds) and then adding the sugar and continuing to beat on medium-high speed until light and fluffy (another 2 to 3 minutes).

Add the oil to the butter and sugar and beat until blended.

In another small bowl, whisk the eggs until fluffy. Add the milk and whisk until blended.

Add about a third of the flour mixture to the butter mixture and stir until combined. Next, add half of the egg mixture and stir until blended. Continue to alternate adding the flour and egg mixtures to the batter, ending with the final third of the flour mixture. Be sure to mix well without over mixing (stirring gently and mixing just until combined) after each addition.

Divide the batter evenly among the two prepared cake pans.

Bake the cakes for about 25 minutes, or until the top springs back when poked and a cake tester inserted into the cake comes out with just a few moist crumbs. Let the cakes cool in the pans on a wire rack for 10 minutes before carefully removing from the pans to cool completely.

In the bowl of a stand mixer using the paddle attachment (or in a large bowl using an electric hand mixer), beat butter on medium-high speed until smooth. Add vanilla and beat on medium-high speed until blended.

Add sugar slowly – one cup at a time – beating well on medium speed and scraping the bowl often. When all sugar is added the frosting will be slightly dry.

Add milk and beat on high speed until the frosting is light and fluffy.

Add caramel sauce and beat on medium-high speed until well blended and fluffy.

To frost the cake, first place one cake layer onto a cake plate or server. Using an offset spatula, spread some frosting on top of the layer and top with the other layer of cake. Spread remaining frosting over top and around sides of cake.