Preheat oven to 350° F. Grease and lightly flour 2 nine-inch pans or a 9" x 13" pan.
Combine dry ingredients in large bowl and mix.
Add butter and oil and mix on medium speed for 1–2 minutes.
Blend eggs, milk and vanilla in a small bowl. Add 1⁄2 of egg mixture to flour mixture. Mix for 30 seconds at low speed and 1 minute at medium speed. Scrape bowl and repeat with rest of egg mixture until well blended.
Bake 9" pans for 32–36 minutes (slightly longer for 9" x 13" pan) just to the point when a toothpick comes out clean.
Cool for at least 15 minutes before removing from pan.
Add frosting or topping if desired.
*This cake has 250 calories and 7 grams of sugar per serving as compared to 320 calories and 27 grams of sugar per serving in the full-sugar version.