Preheat the oven to 350 F. Lightly oil a springform cake or bundt pan and set aside.
In a large bowl, sift together the flour, sugar, baking powder, baking soda and salt. In another bowl, place the water, lemon juice, oil, vanilla, and lemon oil (if using), and whisk well to combine. Add the wet ingredients to the dry ingredients and whisk well to combine. Drizzle the vinegar over the top of the batter and whisk quickly to thoroughly incorporate.
Pour batter into the prepared pan. Bake at 350 degrees for 20-25 minutes or until an inserted toothpick comes out clean.
Glaze:
Mix the lemon juice and sugar together until the sugar has dissolved. While the cake is still warm, poke tiny holes all over the surface and pour the glaze over it. Let cool to room temperature before eating.
I covered the cake with sliced strawberries, but it would be fine plain, or served with a generous helping of whipped cream. Store leftovers in the refrigerator for up to 5 days.