01 - Preheat oven to 350°F. Grease and line two 9x13-inch baking pans with parchment paper.
02 - Whisk together flour, sugar, baking powder, baking soda, and salt in a large bowl.
03 - Whisk milk, vegetable oil, melted butter, eggs, and vanilla extract in another large bowl until smooth.
04 - Pour wet ingredients into dry ingredients and mix until just combined. Do not overmix.
05 - Gently fold sprinkles into batter using a spatula.
06 - Divide batter evenly between prepared pans and smooth tops.
07 - Bake for 30-35 minutes, or until toothpick inserted in center comes out clean.
08 - Let cool in pans for 10 minutes, then transfer to wire racks to cool completely.
09 - Beat butter in stand mixer on medium speed until creamy, about 2 minutes.
10 - Gradually add powdered sugar, beating well after each addition. Add milk, vanilla, and salt, then beat on high until light and fluffy, about 3 minutes.
11 - Spread thick layer of buttercream over completely cooled cakes. Decorate generously with sprinkles.
12 - Cut into squares to serve.