%Make the Cake
Preheat oven to 350°F (175°C). Grease 4-6 ramekins with butter or non-stick spray and place on a baking sheet. Alternatively, line a 9x13 inch pan with parchment paper.
Whisk together flour, baking powder, baking soda, and salt in a medium bowl. Set aside.
In a large bowl, beat softened butter, oil, and sugar on medium speed for 2-3 minutes until light, pale, and fluffy.
Add eggs one at a time, beating well after each addition. Mix in vanilla extract until combined.
Alternate adding the flour mixture and buttermilk in three additions, starting and ending with flour. Mix until just combined. Do not overmix — stop the moment flour streaks disappear.
Divide batter among ramekins, filling each about two-thirds full. Bake 22-28 minutes for ramekins or 20-25 minutes for a pan, until a toothpick inserted in the center comes out clean. Let cool completely before assembling.
%Make the Frosting
Beat softened butter alone for 1 minute until smooth and creamy.
Add cream cheese and beat for 2 minutes until fully combined. Scrape down the bowl. Add powdered sugar and vanilla on low speed, then increase to medium-high and beat 2 minutes until thick and fluffy. Add heavy cream 1 tablespoon at a time if too thick. The frosting must hold a firm dome shape when piped.
%Assemble the Dot Cakes
If using the pan method, use a 3-inch round cookie cutter to stamp circles from the cooled cake. Place each round into a paper cup or ramekin. If using ramekins, level any domed tops with a serrated knife.
Pipe or spread a tall, generous dome of buttercream on top of each cake. Build a smooth rounded shape — go big with the frosting.
Pour nonpareil sprinkles into a shallow bowl. Dip each frosted cake dome-down into the sprinkles and twist gently. Use your fingers to press sprinkles into any bare spots. The coating should be completely opaque with no frosting visible underneath.
Refrigerate for 1-2 hours before serving. This firms the frosting, locks the sprinkles in place, and makes the dot cakes easier to eat. Serve within 10 minutes of leaving the fridge for the best texture.