Preheat the oven to 350°F.
Prepare six 6-inch cake pans by spraying with nonstick spray and then lining the bottom with parchment paper. Set aside.
In the bowl of a stand mixer with the paddle attachment, combine the salted butter, canola oil and granulated sugar until well combined.
Add in the eggs, one at a time, mixing thoroughly between each addition.
Once mixed in, add the vanilla extract and butter flavor.
In a separate bowl, whisk together the cake flour, all-purpose flour, baking soda, baking powder and salt.
Add the dry ingredients to the mixer and slowly begin to incorporate. Once the dry ingredients are almost all combined with the wet ingredients, slowly pour in the buttermilk and mix until well combined and smooth.
Divide the batter evenly into 6 bowls. Color each bowl your desired color- I did pink, purple, blue, green, yellow and orange.
Pour the colored batter into the prepared pans.
Bake at 350°F for 20-25 minutes or until the edges of the cake start to pull away from the sides of the pan. Do not underbake or the cake will collapse.
Allow the cakes to cool on the counter for 10 minutes before flipping the cake out onto a cooling rack. Allow the cakes to cool completely and then freeze for 15 minutes before trimming.
To trim your cakes, use a sharp knife and cut the hard edge off of the outside of the cake. Next, use a long serrated knife to cut the top of the cake flat and to remove the browned portion on the bottom of the cake. This will make the final cake look much cleaner. Repeat with all 6 layers.
Freeze again while making the vanilla buttercream
To make the buttercream, whip the butter in a stand mixer on high speed for 10-15 minutes. The butter should turn a very bright white color and will be very fluffy when it is ready for the next step.
Scrape the sides of the bowl and then add the powdered sugar in a few additions, mixing between each.
Add the vanilla and whip until smooth.
To arrange the cake, place a small dollop of frosting on your cake plate or stand to keep the cake in place. Set the first cake layer down in the center.
Spread an even layer of frosting on top using an offset spatula. Place the next layer on top and gently press down. Repeat until all layers have been added.
Spread a thin layer of frosting over the entire cake to trap the crumbs (called a crumb coat) and then chill in the freezer for 5-10 minutes.
Apply the rest of the frosting in a thicker layer, smoothing with an offset spatula or bench scraper. I added the sprinkles to the remaining frosting before applying to my cake. Make sure to set aside enough white frosting for the swirl on top, if desired.
Decorate the top with additional frosting or sprinkles, if desired.
Store in the fridge until 30 minutes before serving. Enjoy!