Heat oven to 350°F.  Mist a 9x9-inch baking dish with cooking spray, and set it aside for later.

In a large mixing bowl, whisk together oil, granulated sugar, and brown sugar until combined and smooth. Add in the eggs and vanilla, and whisk until smooth.

In a separate bowl, whisk together the remaining dry ingredients (flour, cinnamon, baking soda, salt, baking powder, nutmeg and cloves) until combined.

Gradually add the dry ingredient mixture into the egg mixture, and stir until smooth. Fold in the grated carrots and stir until combined. If you would like to add nuts and/or raisins, stir them in at this time as well.  Pour the batter into the baking dish, and spread it out evenly.

Bake for 35-40 minutes, or until a toothpick inserted in the middle of the cake comes out clean.  Transfer the baking dish to a wire cooling rack and let it cool until the cake reaches room temperature.

Meanwhile in a separate mixing bowl, combine the cream cheese, butter and vanilla until evenly combined.  Gradually add in the powdered sugar and stir until smooth.  Feel free to add more/less powdered sugar to achieve your desired frosting consistency.

Once the cake has cooled, spread it evenly with the cream cheese frosting.  Then slice, serve and enjoy!