Preheat the oven to 350°F (175°C). Grease and flour a 9-inch round cake pan.

In a mixing bowl, cream together the butter and sugar until light and fluffy.

Add the eggs, milk, and vanilla extract, mixing well.

In a separate bowl, combine flour and baking powder. Gradually add to the wet mixture, mixing until just combined.

Pour the batter into the prepared cake pan and bake for 25-30 minutes or until a toothpick comes out clean.

Allow the cake to cool completely in the pan.

Once the cake is cool, remove it from the pan and slice it in half horizontally.

Place one layer of cake back in the pan. Spread one pint of ice cream evenly over the cake layer.

Add the second layer of cake on top of the ice cream and press down gently.

Spread the second pint of ice cream over the top layer of cake. Cover with plastic wrap and freeze for at least 2 hours.

Remove the cake from the freezer and spread whipped cream over the top and sides.

Drizzle with chocolate syrup and sprinkle with colorful sprinkles.

Slice and serve immediately.