Preheat oven to 350°F. Grease a bundt pan OR 13x9 inch pan with cooking spray.
In a large bowl, whisk together the oil and sugar. Add the eggs, and whisk to combine.
Whisk in the pumpkin, then fold in the remaining cake ingredients (cinnamon, ginger, nutmeg, cloves, flour, baking powder, baking soda, and salt) with a spatula. Stir just until combined.
Pour the mixture into the prepared pan. Bake for 30–35 minutes for the 13x9 inch pan, or 55–60 minutes for the bundt pan.
Let cool completely before frosting.
Once the cake is cool, place the cream cheese, butter, powdered sugar, vanilla, and pinch of salt in a large bowl. Mix with a handheld electric mixer until soft and creamy.
For the bundt cake, invert the cake onto a cake pedestal or serving platter. For the 13x9 inch cake, just leave it in the pan.
Frost the cooled cake, and top with the chopped walnuts.
Notes
You can replace the ginger, nutmeg, and cloves with 1 teaspoon of pumpkin pie spice. Keep the same amount of cinnamon in the recipe (2 teaspoons). Make it ahead: make and frost the cake up to 3 days ahead. Store tightly covered in the refrigerator. Bring to room temperature before serving. Freeze the cake for up to 3 months. It freezes more neatly unfrosted, but you can freeze slices of the frosted cake, too. Wrap slices in plastic wrap then place in a resealable freezer bag before freezing.