Preheat oven to 350°F. Line the bottoms of two 8-inch round cake pans with parchment paper circles and spray with baking spray or just grease and flour the pans.
In a medium bowl, whisk together flour, baking powder and salt. Set aside.
In bowl of a stand mixer, cream sugar, butter, and oil together until light and fluffy, about 2-3 minutes, scraping down the sides of the bowl a couple of times during mixing.
Add vanilla and eggs, one at a time, beating well after each addition.
Add the flour mixture and the milk alternately, about ⅓ of each at a time, mixing between additions just until combined.
Remove 2 cups of batter to a medium bowl. In a separate, microwave-safe bowl, melt the chocolate on short bursts in the microwave, stirring every 20 seconds, until smooth. Pour the chocolate into the yellow cake batter, stirring to combine.
Divide the batter evenly between the two prepared round pans, then dollop spoonfuls of the chocolate batter on top, swirling the two batters together with a butter knife.
Bake for 30-34 minutes, until a toothpick inserted into the center of each cake comes out clean.
Remove the cakes from the oven and cool for 10 minutes before running a sharp knife around the edges, then gently turning the cakes out onto a wire cooling rack to cool completely.
Trim the tops of the completely cooled cakes so they are level, then frost with chocolate buttercream and decorate with sprinkles.