Preheat your oven to 350°F (175°C).
Prepare your cake pans by greasing them and placing parchment paper at the bottom.
In a large bowl, sift together the flour, cocoa powder, baking soda, and salt.
In another bowl, whisk together the oil and sugar until well combined.
Add the eggs, buttermilk, food coloring, and vanilla extract to the oil mixture, mixing until smooth.
Gradually add the dry mixture to the wet ingredients, mixing until just combined.
Divide the batter evenly between the prepared cake pans.
Bake in the preheated oven for 25-30 minutes, or until a toothpick inserted comes out clean.
Let the cakes cool in the pans for 10 minutes, then turn them out onto wire racks to cool completely.
While the cakes cool, beat together the softened cream cheese and butter in a bowl until fluffy.
Gradually add powdered sugar and mix until well combined, then add the vanilla extract and beat until smooth.
Once the cakes are completely cool, place one layer on a serving plate and spread a generous amount of frosting on top.
Top with the second cake layer and frost the top and sides of the cake with the remaining frosting.
Add any optional garnishes, such as sprinkles or chocolate shavings, and serve.
