Preheat the oven to 355°F. Lightly grease a 10 inch cake pan.
In a medium bowl, mix together the ingredients in the “cherry layer” until fully combined. Spread evenly in the prepared pan.
In a separate bowl, mix together the 2 1/3 cup flour, baking powder and salt until fully combined.
In a large bowl, beat together the eggs, 1 1/2 cup sugar and 2 Tablespoons of vanilla until foamy.
In a small bowl, mix together the butter and oil. Slowly mix this into the egg mixture until fully combined.
Alternate between adding in the milk and the flour mixture to the wet ingredients until fully incorporated.
Pour the batter over the cherries, and bake in the preheated oven for 50-60 minutes, or until a toothpick inserted into the centre of the cake comes out clean. Allow to cool.
Frosting: While waiting for the cake to cool, beat together the “Frosting” ingredients in a medium bowl until smooth. Spoon into a piping bag and drizzle over cake (or spoon into a large Ziplock bag and snip off the corner)