Preheat & Prepare Pan:
Preheat the oven to 350°F (175°C). Brush a 9-inch springform pan with olive oil, line the bottom with parchment paper, and brush it with olive oil. Set aside.
Beat Egg Whites:
In a large mixing bowl, whip the egg whites on medium-high speed until stiff peaks form, about 3 minutes. Set aside.
Mix Wet Ingredients:
In another large mixing bowl, beat egg yolks, sugar, and olive oil on medium speed until smooth. Add milk, limoncello, and lemon zest and mix on low until combined.
Add Dry Ingredients:
Add flour, baking powder, and salt, and mix on low speed until just combined.
Fold in Egg Whites:
Gently fold half of the beaten egg whites into the batter using a wide spatula. Once combined, fold in the second half.
Bake the Cake:
Pour the batter into the prepared pan and bake for 48-53 minutes, or until a toothpick inserted comes out clean.
Make Limoncello Syrup:
While the cake bakes, combine sugar, limoncello, and lemon juice in a small saucepan. Heat over medium until the sugar dissolves. Set aside.
Cool & Drizzle Syrup:
After the cake cools for 15 minutes, carefully release it from the pan and transfer to a wire rack. Prick the cake with a toothpick and brush with the limoncello syrup (reserve some syrup). Let the cake cool to room temperature.
Make Meringue:
Combine sugar, water, and lemon juice in a small saucepan. Bring to a boil and cook until it reaches 240°F (116°C) on a thermometer. Meanwhile, beat egg whites in a mixing bowl until soft peaks form. Slowly pour the syrup into the egg whites while beating until stiff peaks form, and the meringue cools.
Assemble Cake:
Spread the meringue over the cooled cake with an offset spatula or spoon, creating decorative swirls.
Toast & Serve:
Lightly toast the meringue with a kitchen torch or by broiling for 30 seconds. Slice and serve.