Preheat oven to 350º F. Butter and flour bottom of a 9-inch springform pan.
Beat the egg yolks only with 3/4 cup sugar until light in color and doubled in volume.
Stir in milk and vanilla.
Mix in the flour and baking powder.
In a separate bowl, beat egg whites and the remaining ¼ cup sugar until stiff peaks form.
Gently fold 1/3 of the egg whites into the yolk mixture.
Fold in remaining egg whites. Be careful not to mix too much. The fluffy egg whites are what gives this cake its soft texture.
Pour batter into prepared pan.
Bake in preheated oven for 40-45 minutes or until cake tester inserted into the middle comes out clean. Allow to cool 10 minutes.
Poke a few holes in the cake (you don’t need many and we often skip this step).
Make the milk filling:
In a small bowl, mix together the condensed milk, evaporated milk and ¼ cup heavy cream. **Measure out 1 cup of this milk mixture for another use (it is great for French toast!). If you use all of the milk your cake may end of soggy.**
Pour the remaining milk mixture over the warm cake while it is still in the pan.
Cool cake completely on a wire rack, then refrigerate until cold.
To make the whipped cream:
In the bowl of a stand mixer (this works best if your bowl is cold) with the whisk attachment, whip the heavy cream, powdered sugar and vanilla extract until it thickens and holds peaks.
Loosen edge of cake with knife before removing side of pan.
Frost cake with the whipped cream.
Garnish with cherries, a dusting of cinnamon or anything else you wish!