Preheat the oven to 165 degrees Celsius (325 degrees Fahrenheit).

Thoroughly grease and flour two 20cm (8-inch) round cake pans that are 5cm (2-inch) deep.

In a medium bowl, combine the vegetable oil, vanilla extract, buttermilk, lemon zest, lemon extract, and yellow gel food coloring. Whisk these together until well integrated, then set aside.

In a separate medium bowl, sift together the all-purpose flour, salt, baking powder, and baking soda. Once sifted, whisk these dry ingredients to ensure even distribution.

In a large mixing bowl, cream the softened unsalted butter and granulated sugar using an electric mixer set to medium-high speed, until the mixture is light and fluffy. This process should take approximately 4 minutes.

To the creamed butter and sugar, add the eggs one at a time, beating at a medium speed for about 20 seconds after the addition of each egg.

Incorporate the dry and wet ingredients into the butter mixture alternately, beginning and ending with the dry ingredients. Do this by adding one-third of the dry mixture first, mix until just combined, then half of the wet mixture, followed by another third of the dry, the remaining wet, and finally the last of the dry, mixing only until just combined after each addition. Take care not to overmix.

Once the batter is prepared, divide it equally between the two prepared cake pans. Place these on the middle rack of the preheated oven and bake for approximately 40-45 minutes. To test for doneness, a toothpick inserted into the center should come out with a few moist crumbs or clean.

After baking, allow the cakes to cool in their pans on wire racks for about 15 minutes. Subsequently, carefully remove the cakes from their pans and allow them to cool completely on the wire racks prior to frosting.

In a large bowl, using an electric mixer, blend the room temperature cream cheese and butter on medium-high speed until the mixture is smooth and well combined.

Introduce the lemon extract, grated lemon zest, and a pinch of salt into the mixture and blend again to incorporate.

Gradually add the sifted powdered sugar in two batches, mixing on medium-high speed until smooth after each addition.

Check the consistency of the frosting after incorporating the sugar. If the frosting appears too thick, add lemon juice one teaspoon at a time, mixing well after each addition, until the desired consistency is achieved.

If using, incorporate the yellow gel food coloring, mixing thoroughly until the frosting is uniformly colored and fluffy.

Once the cake layers are completely cooled, apply the frosting evenly between the layers, on the sides, and atop the cake. The Lemon Velvet Cake With Cream Cheese Frosting is now ready to be served.