Preheat your oven to 350°F (175°C).
In a bowl, sift together flour, cocoa powder, baking soda, baking powder, and salt.
In a separate large bowl, mix together the granulated sugar and vegetable oil until well combined.
Add the eggs one at a time, mixing well after each addition.
Mix in the buttermilk and vanilla extract, followed by the red food coloring until combined.
Gradually add the dry ingredients to the wet ingredients until just combined, being careful not to overmix.
Divide the batter evenly into prepared cake pans.
Bake for 25-30 minutes, until a toothpick inserted into the center comes out clean.
Allow the cakes to cool in the pans for 10 minutes before transferring them to a wire rack.
Prepare the cream cheese frosting by beating cream cheese, butter, powdered sugar, and vanilla extract until smooth.
Once the cakes are completely cooled, frost the top of one layer, then place the second layer on top and frost the top and sides.
Decorate as desired and serve at room temperature for best flavor.