For the pancakes:
1 1/2 cups all-purpose flour
2 teaspoons baking powder
1 tablespoons granulated sugar
1/2 teaspoon salt
1 box Pillsbury Funfetti cake mix
1/3 cup canola oil
2 1/3 cups milk
1/3 cup rainbow sprinkles
1 cup powdered sugar
2 tablespoons butter, room temperature
2 tablespoons half-and-half cream
1/2 teaspoon vanilla extract
To make pancakes: In a large bowl, combine the flour, baking powder, sugar, salt, and cake mix. Set aside. In another bowl, mix together the oil, eggs, and milk. Add the wet ingredients to the dry ingredients, and mix until just combined. Fold in the sprinkles.
Heat a griddle to about 275ºF (or medium heat). Spray the griddle with nonstick cooking spray. Ladle the pancake batter onto the hot pan, and cook the pancakes for about 2 minutes on each side. Remove from the griddle, and set aside.
To make frosting: In a small bowl, whisk together powdered sugar, butter, cream, and vanilla. The frosting will be a spreadable consistency. If you want to drizzle the frosting, microwave for about 10 seconds to soften.
Serve with whipped cream and more sprinkles on top.