Preheat your 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, vanilla, and vinegar.
Combine the wet and dry ingredients, mixing until smooth and well combined.
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, beat the cream cheese and butter until smooth. Gradually add the powdered sugar and vanilla, beating until light and fluffy.
Frost the cooled cakes, stacking one on top of the other. Serve and enjoy!