Preheat your oven to 325°F (163°C).

In a large mixing bowl, combine the canola or olive oil, eggs, whole milk, fresh lime zest, and fresh lime juice. Beat on medium speed for about 2 minutes.

In a separate bowl, whisk together the sugar, flour, baking powder, baking soda, and salt. Gradually stir this mixture into the wet ingredients.

Prepare the cake pans by lightly coating them with non-stick spray. Pour the batter evenly into the prepared pans.

Bake for about 20-26 minutes if using 8-inch pans, or 30-36 minutes for 9-inch pans.

Once baked, allow the cake layers to cool in the pans for about 10 minutes, then turn them out onto a wire rack.

To prepare the frosting, beat the softened butter and cream cheese on medium-high speed for 4-5 minutes until light and fluffy.

Gradually add the powdered sugar, along with additional lime juice and zest, mixing until smooth.

Once cooled, place one cake layer on a serving plate and spread a generous amount of cream cheese frosting over it. Add the second layer and frost the top and sides.

Garnish with slices of fresh lime before serving.