Preheat the oven to 325°F. Grease and flour a bundt pan; set aside.

In a large bowl, cream the butter and cream cheese until smooth. Gradually add the sugar and beat until fluffy.

Add the eggs one at a time, beating well after each addition. Add the flour and mix until well combined. Stir in the vanilla. Fold in sprinkles.

Pour the batter into the prepared pan. Bake for one hour. Test the cake with a toothpick inserted near the center to test if it comes out clean - you may need to bake up to an additional 20 minutes, depending on your oven. (Note - keep an eye on the cake and check the cake often if it needs to cook longer).

Remove from the oven and let cool in the pan for 20-30 minutes before turning out onto a cooling rack to cool completely.

Once cooled, make the glaze by stirring together the powdered sugar, vanilla, and 2 tablespoons of milk. Add more milk if a thinner glaze is desired. Drizzle the glaze over the cooled cake and immediately top it with extra sprinkles. Let glaze set before serving.