Preheat oven to 350°F (175°C). Grease a 10-cup bundt pan well with butter or baking spray and dust with flour.

In a large bowl, beat butter and sugar on medium-high until fluffy, about 3 to 4 minutes. Mix in oil, then eggs one at a time, vanilla, and almond extract.

In a separate bowl, whisk flour, baking powder, and salt. With the mixer on low, alternate adding the dry ingredients and buttermilk to the butter mixture in three additions, beginning and ending with dry. Gently fold in sprinkles.

Scrape batter into the prepared pan. Bake 45 to 50 minutes, until a toothpick comes out with moist crumbs. Cool in pan 10 minutes, then turn out onto a rack to cool completely.

Whisk powdered sugar, 2 tablespoons milk, and vanilla until smooth, adding the last tablespoon of milk if needed. Drizzle over the cooled cake and serve.