Mix the flour, sugar, baking powder, and salt, then beat in the butter and oil until crumbly.
Whisk the buttermilk, eggs, vanilla, and 1/4 cup cherry juice separately, then gradually beat into the dry ingredients.
Fold in the finely chopped cherries, divide the batter into two 8-inch pans, and bake at 350 degrees Fahrenheit for 30 to 35 minutes.
Beat the softened cream cheese and butter for the frosting until smooth, then gradually mix in the sifted powdered sugar and 3 tablespoons of cherry juice.
Assemble the completely cooled cakes by spreading frosting between the layers and over the top and sides.