Preheat oven to 325°F (163°C). Spray a 9-inch Bundt pan with nonstick spray. Dust with cocoa powder and tap out excess. Set aside.

Over medium-low heat, melt together the oil, molasses, brown sugar, and 1/4 cup water in a medium saucepan until all of the brown sugar has dissolved. Transfer to a large bowl and allow to cool for 5 minutes. Whisk the eggs and milk into the molasses mixture after it has cooled (to avoid heating and scrambling the eggs). Set aside.

Sift together flour, cocoa powder, baking soda, salt, ground ginger, cinnamon, cloves, and nutmeg into a medium bowl. Gently fold the flour mixture into the molasses mixture until just combined. There will be lumps remaining. Pour batter into prepared pan and bake for about 30 minutes until cake is pulling away from the sides and a toothpick inserted in the middle comes out clean. Allow cake to cool completely in the pan on a wire rack.

As the cake cools, make the frosting: In a large bowl, beat the butter and cream cheese with an electric mixer until creamy. Gradually add the confectioners sugar. Add the vanilla and the milk, 1 tablespoon at a time until you’ve reached the desired thickness. Add a little more sugar or milk if necessary to achieve a spreadable frosting.

Invert cake onto a cake stand or a large serving platter. Frost cake immediately before serving and drizzle with chocolate sauce (optional).

Cake remains fresh for up to 4 days stored in the refrigerator.