For the Cake:Preheat Oven: Preheat your oven to 350°F (175°C). Grease and flour two 9-inch round cake pans or line them with parchment paper.Mix Dry Ingredients: In a medium bowl, sift together the flour, sugar, baking soda, salt, and cocoa powder.Combine Wet Ingredients: In a large bowl, whisk together the vegetable oil, buttermilk, eggs, red food coloring, vanilla extract, and white vinegar until smooth.Combine Wet and Dry: Gradually add the dry ingredients to the wet ingredients, mixing just until combined. Do not overmix.Bake: Divide the batter evenly between the prepared pans. Bake for 28-30 minutes, or until a toothpick inserted into the center comes out clean.Cool: Let the cakes cool in the pans for 10 minutes, then transfer them to a wire rack to cool completely.For the Cream Cheese Frosting:Beat Cream Cheese and Butter: In a large bowl, use an electric mixer to beat the cream cheese and butter together until smooth and creamy.Add Powdered Sugar: Gradually add the powdered sugar, one cup at a time, mixing on low speed until incorporated. Increase the speed and beat until fluffy.Add Vanilla: Mix in the vanilla extract until well combined.Assemble the Cake:Level the Cakes: If needed, trim the tops of the cakes to make them level.Frost: Place one cake layer on a serving plate. Spread a generous layer of frosting on top. Add the second cake layer and frost the top and sides of the cake.Decorate: Decorate as desired with additional frosting, cake crumbs, or sprinkles.Chill and Serve: Chill the cake for at least 30 minutes before serving for clean slices.