Line two 8-inch round cake pans with plastic wrap and spray with non-stick cooking spray. Melt butter over low heat in a large saucepan. Stir in strawberry milk powder, 5-7 drops of pink food coloring and marshmallows, until fully melted, about 6-10 minutes. Turn off heat and stir in cereal, transferring mixture to a large bowl if needed. Divide the warm mixture between the prepared pans, pressing down with greased hands or spatula until flat and level, making sure it gets into the corners of the pan. Let cool until set, at least 30 minutes while you prepare the frosting.
Strawberry Milkshake Frosting:
With an electric mixer, beat the softened butter on medium-high speed until smooth, creamy and pale in color, about 2-4 minutes, stopping to scrape the bottom and sides of the bowl half way through. Beat in vanilla and salt.
Add the powdered sugar in batches, starting on on low and increasing the speed until fully incorporated, scraping down sides and bottom of bowl as needed. Add cream, 1 tablespoon at a time, until desired consistency is reached. Increase to medium-high speed and beat for an additional 3-5 minutes until smooth, light and fluffy. Set aside about 1 cup of the frosting, into a piping bag fitted with an open star tip, for the swirls on top. Beat in strawberry milk powder and a few drops of pink food coloring to remaining frosting, adding more cream as needed.
Place 1 crispy cake layer on a serving plate and spread a layer of the strawberry frosting on top. Place second cake layer on top, with the flat bottom facing up. Frost outside of cake with the remaining strawberry frosting. Pipe swirls or dollop the white frosting set aside, on top and finish with a fresh strawberry. Serve and enjoy within 2-3 days.
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