Preheat oven to 350°F (175°C). Grease and flour two 9-inch round cake pans.
In a large bowl, sift together the flour, sugar, baking soda, salt, and cocoa powder.
In another bowl, whisk together the oil, buttermilk, eggs, food coloring, vinegar, and vanilla.
Mix the dry ingredients into the wet ingredients until just combined and a smooth batter forms.
Divide the batter evenly between the prepared pans. Bake for 30 minutes, or until a toothpick inserted into the center comes out clean.
Let the cakes cool in the pans for 10 minutes, then remove from pans and cool completely on a wire rack.
For the frosting: In a large bowl, beat the cream cheese and butter until smooth. Gradually add the powdered sugar, beating until light and fluffy. Stir in the vanilla.
Frost the cooled cakes. Serve and enjoy!