In a large bowl, cream together the softened butter, peanut butter, granulated sugar, and brown sugar until light and fluffy.
Add Eggs and Vanilla:
Beat in the eggs one at a time, ensuring each egg is fully incorporated. Stir in the vanilla extract.
Combine Wet and Dry Ingredients:
Gradually add the flour mixture to the creamed mixture, alternating with the buttermilk, beginning and ending with the flour mixture. Mix until just combined, being careful not to overmix.
Bake the Cake:
Pour the batter into the prepared baking pan and smooth the top. Bake for 30-35 minutes, or until a toothpick inserted into the center comes out clean.
Cool the Cake:
Allow the cake to cool completely in the pan on a wire rack before frosting.
Prepare the Frosting:
In a medium bowl, cream together the softened butter and peanut butter until smooth. Gradually add the powdered sugar, alternating with the milk, and continue beating until the frosting is light and fluffy. Stir in the vanilla extract.
Frost the Cake:
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