Preheat oven to 350F and spray and flour a 10" bundt pan with non-stick spray. Set aside.
In a large bowl, whisk together the oil, sugar, eggs and vanilla until combined.
In a separate large bowl, whisk together the flour, baking powder and salt.
Add half of the dry ingredients to the wet ingredients and stir until combined.
Then, add the milk and stir until combined.
Lastly, add the rest of the dry ingredients and sprinkles and stir until just combined.
Pour the batter into prepared bundt pan and bake for 50-55 minutes or until a toothpick inserted into the center comes out clean.
Let cool for 5 minutes before inverting on a cooling rack.
While the cake is cooling, make the icing by adding the powdered sugar, water, and vanilla to a large bowl and whisking until smooth.
Once the cake has completely cooled, pour the icing over the top.
Decorate with sprinkles, if desired.
Start with room temperature eggs and milk. Make sure to properly spoon the flour into the measuring cup instead of scooping out the flour for accurate amounts.If you don't have cake flour, you can substitute 3 cups all purpose white flour + 2 tbsp cornstarch whisked together. Store covered for up to 5 days. Cake will freeze well if wrapped tightly and stored in a freezer bag for up to a month.