Preheat oven to 350°. Line a 9″ high-sided spring-form cake pan with a parchment paper round. Butter and flour the pan and set aside. Alternatively, you can use 2-3, 9″ cake pans. If you prefer a 2 or 3 layer cake, double the icing recipe.
In a large bowl combine all cake ingredients and mix well, pour into cake pan and bake for 75 minutes until a toothpick comes out clean. For 2 regular cakes, bake for 45 minutes and for 3 regular cakes bake for 25-30 minutes. Set aside to cool slightly and remove from pans.
Using a hand or stand mixer beat together cream cheese, butter and vanilla. Slowly add and incorporate sugar until light and fluffy. Loosen slightly with milk if you desire and spoon over cake.