Preheat oven to 350 degrees. In a large mixing bowl, mix oil and sugar for 4 minutes. Add eggs and vanilla and mix for 1 minute longer. Stir in pumpkin puree.
Fold in flour, baking powder, baking soda, pumpkin spice, and salt.
Spray three 8-inch cake pans with non-stick cooking spray. Evenly pour the cake batter into each pan. Bake for 18-23 minutes or until the toothpick comes out clean. Let cool and then remove cakes from pans. Set aside.
Cream Cheese Frosting:
In a mixing bowl, cream together softened butter and cream cheese for 2-3 minutes. Stir in powdered sugar and vanilla.
Once the cake layers have cooled, spread each layer with cream cheese frosting.
Notes
For extra cream cheese frosting, you can 1 1/2 times the recipe.