Preheat your oven to 350°F (175°C). Grease and flour two round cake pans.

In a large bowl, whisk together the flour, sugar, cocoa powder, baking soda, and salt until well combined.

In another bowl, mix the vegetable oil, buttermilk, eggs, red food coloring, and vanilla extract until smooth.

Gradually add the wet ingredients to the dry ingredients while mixing gently until just combined.

Divide the batter evenly between the prepared pans. Bake for about 25–30 minutes or until a toothpick inserted into the center comes out clean.

Allow cakes to cool in pans for about ten minutes before transferring to wire racks to cool completely.

For the frosting: Beat together cream cheese and butter until creamy. Gradually add powdered sugar and vanilla extract; beat until smooth.

Once cakes are cool, frost between layers and on top as desired.