1. Allow butter and eggs to stand at room temperature for 30 minutes. Grease and lightly flour 2 8x1 1/2 inch round cake pans, set pans aside. In a medium bowl stir together flour, baking powder, cinnamon, baking soda, nutmeg, cloves and ginger aside.
2. In a mixing bowl beat butter with an electric mixer on medium to high-speed for 30 seconds. Add sugar and vanilla, until combined. Add eggs one at a time, beating well after each addition. Combine pumpkin and buttermilk in a bowl. Set aside. Alternately add flour and buttermilk/pumpkin mixture to the butter mixture, beating on low speed after each addition just until combined. Then pour into prepared cake pans.
3. Bake in a 350° oven for 30 to 35 minutes or until a wooden toothpick inserted near center comes out clean. Remove from oven and place directly into freezer for 45 minutes. This will make the cake very moist.
4. For the frosting: In a large bowl, cream 1/2 cup butter and cream cheese until smooth. Beat in 1 teaspoon vanilla. Add confectioners sugar and beat on low speed until combined, then on high until frosting is smooth. Spread on cooled cake.