Which is the correct Spanish sentence?

Ambas se pueden decir.

Pero la segunda frase lleva tilde en el 2º "esté", sino sonaría mal..

Ojala is more like to wish rather than to hope.

I would say

"Espero que este pastel sea delicioso"

Welldone- delicioso stays masculine because pastel is masculine. and you have used the subjunctive by using "sea" because you are expressing the feeling of hope

Espero que este pastel este delicioso.

Both are fine and clearly understandable, another alternative will be:

Espero que este bizcocho (pastel) esté (sea) delicioso.

Both are correct. Spanish speakers use both ser and estar for things like this, depending on personal

preference. I would say "este", but some people also say "sea".

Even though they teach you in school that estar is only for temporary conditions, and ser is for characteristics, ( which is true), spanish speakers sometimes use them both for describing things, even when to a student they would think that ser would be correct, but they both are used.

Tu casa esta muy grande = Your house is vey big

Tu casa es muy grande = Your house is very big

Where I'm from "estar" is used more for describing.

Espero que éste pastel sea delicioso.!!!!

Technically "pastel" is pie, and "torta" is cake.