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Use an electric mixer on medium speed to blend butter, oil, sugar, egg, and vanilla until smooth and fluffy (about 1-2 minutes).
On low speed, add flour, baking powder, and salt.
For Cutouts: Cover and chill dough for 1 hour, overnight, or freeze for 20 minutes. To bake, divide the dough in half. Roll each half to 1/4-inch thickness, cut out shapes, and place on a parchment-lined baking sheet. Add sprinkles and bake at 375°F for 9-12 minutes.
For Cookie Press: Do not chill dough. Press cookies onto an ungreased baking sheet, add sprinkles and bake at 375°F for 9-12 minutes.