Beat first 3 ingredients at medium speed with an electric mixer until blended. Add buttermilk and vanilla; beat well
Combine flour and next 8 ingredients; gradually add to the buttermilk mixture, beating until blended. Fold in fig preserves, applesauce, and toasted pecans. (batter will be thin).
Pour mixture into 2 greased and floured 8-inch cake pans, bake at 350* for approx. 35-40 min. let cool 10 min. befor removing from pan.
Cream Cheese Frosting: When cake is completely cool, frost with following: 1 stick butter, softened, 1 8oz. cream cheese, softened, 2 teaspoons vanilla, and 1 16 oz box powdered sugar. Frost inbetween layers and top and sides. Enjoy