Grease a 8 or 9 inch baking pan with melted butter or oil then line bottom with parchment paper, set aside.
Cream butter and sugar using a mixer until light and fluffy.
Add eggs, one at a time beating well after each addition.
Combine oil and coconut milk, stir to combine then gradually add to the creamed butter and sugar alternately with the flour mixture, beginning and ending with flour. (flour, evap, flour, evap, flour)
Stop the mixer once in a while to scrape sides and bottom.
Pour batter into the prepared pan.
Steam for about 45 minutes or bake at 350F degrees for about half an hour.
Transfer the pans to wire racks to cool for 10 minutes, then invert to unmold the cake, peel and discard parchment paper.
Let cake cool completely before frosting.