Chiffon cakes are moist, light and airy, with a springy texture similar to a sponge cake and the rich flavor of a butter cake. Although prepared similarly to a butter cake, a chiffon cake uses oil instead of butter. The dry ingredients are mixed together. Then, the oil, egg yolks, water and any flavorings are added. Whipped egg whites, used for leavening, are beaten until stiff, then folded into the batter.