Cortadillo Mexicano (Mexican Pink Cake)

Name: Cortadillo Mexicano (Mexican Pink Cake)
Cuisine: Mexican, Latin American, American
Ingredients: 1 cup sugar; 3 eggs; 1/2 cup canola or vegetable oil; 2 teaspoons vanilla extract; 2 1/2 cups flour; 2 teaspoons baking powder; pinch of salt; 1 cup milk; 3 tablespoons butter, softened; 3 cups powdered sugar; 1/2 teaspoon vanilla extract; 3 tablespoons milk; red or pink food coloring; nonpareil sprinkles