Preheat the oven to 350°F and prepare two 8 inch round cake pans. Spray the inside with cooking spray, then cut out pieces of parchment paper so that they fit in the bottom of each pan (do not skip this step!). Set the pans aside.
Using a hand mixer or stand mixer with the paddle attachment, beat the butter and oil together until combined. Add in the eggs and vanilla extract.
Mix in the granulated sugar.
Add in flour, cornstarch, salt, and baking powder to a separate bowl and whisk together.
Alternate slowly adding in the milk and the dry ingredients. Mix until combined.
Add ½ the cake batter to a separate bowl, then mix the cocoa powder and water into the batter to make the chocolate cake batter.
Alternate adding vanilla cake batter and chocolate cake batter to each cake pan, then use a knife to swirl the batter to make the marbled appearance (see photos in post above for reference).
Bake for 24-30 minutes, or until a toothpick inserted in the middle of the cakes comes out clean.
Let the cakes cool in the pan for 10-15 minutes, then remove them from the pan (by running a butter knife or offset spatula around the edges and then flipping the cake upside down onto a cooling rack). While the cakes cool, make the buttercream.