Step 1: Preheat your oven to 350°F (175°C) and grease two 9-inch round cake pans. Line the bottoms with parchment paper for easy removal.
Step 2: In a large bowl, sift together the flour, sugar, baking soda, salt, and cocoa powder. Whisk to ensure they are well combined.
Step 3: In a separate medium bowl, whisk together the oil, buttermilk, eggs, food coloring, vinegar, and vanilla until smooth.
Step 4: Gradually add the wet ingredients to the dry ingredients. Mix on medium speed for about 2 minutes until the batter is smooth and vibrant.
Step 5: Divide the batter evenly between the prepared cake pans. Tap them on the counter to release any trapped air bubbles.
Step 6: Bake for 30-35 minutes, or until a toothpick inserted into the center comes out clean. Let the cakes cool in the pans for 10 minutes before transferring to a wire rack.
Step 7: For the frosting, beat the cream cheese and butter together until fluffy. Gradually add powdered sugar and vanilla, beating until smooth and spreadable.
Step 8: Once the cake layers are completely cold, frost the top of one layer, place the second layer on top, and cover the entire cake with the remaining frosting.