Preheat oven to 325F (165C).

In a large bowl, combine flour, 1 ¼ cups (250g) granulated sugar, baking powder, and salt and whisk together.

In a separate bowl, combine egg yolks, canola oil, extracts and orange juice (or milk or water) and beat very well until mixture is smooth and well-combined.

Add the egg yolk mixture to the flour mixture and stir until mixture is thoroughly combined.

In a separate large, clean, dry, and completely grease and moisture-free bowl, combine egg whites and cream of tartar. Use an electric mixer to beat on medium-speed until foamy. Gradually increase the mixer speed to medium-high and gradually add remaining ½ cup (100g) of granulated sugar, about 1 Tablespoon at a time, allowing about 10 seconds of mixing after each addition.

Increase mixer speed to high and beat until egg white mixture is thick and glossy and you have reached stiff peaks.

Add the egg yolk mixture to the egg whites and use a spatula to carefully fold the ingredients together until batter is smooth and completely combined.

Pour evenly into an ungreased tube pan. Transfer to the center rack of 325F (165C) oven and bake for 50-55 minutes and any cracks on the surface appear dry.

Remove from the oven and immediately invert onto a can or bottle.

Allow to cool completely before running a knife along the inside of the pan to release the cake from the pan and then turning it out onto a serving rack. If desired, top with glaze before serving.

Glaze

Combine melted butter and powdered sugar in a large bowl. Whisk together until smooth. Mixture will be stiff, add orange juice (or milk) starting with 2 Tablespoons, and add more as needed until you have a smooth glaze that drizzles smoothly off the whisk.

Pour evenly over cooled cake. Allow glaze to set (about 30 minutes, though this can vary depending on the specific thickness of your glaze) before slicing and serving.