Preheat oven to 350°F (175°C). Grease and flour two 9-inch round cake pans.

In a large bowl, whisk together flour, sugar, baking soda, salt, and cocoa powder.

In a separate bowl, whisk together oil, buttermilk, eggs, red food coloring, and vanilla extract.

Add the wet ingredients to the dry ingredients and mix until just combined. Stir in the white vinegar.

Pour the batter evenly into the prepared cake pans.

Bake for 30-35 minutes, or until a wooden skewer inserted into the center comes out clean.

Let the cakes cool in the pans for 10 minutes before inverting them onto a wire rack to cool completely.

In a large bowl, beat together the softened cream cheese and butter until smooth and creamy.

Stir in the vanilla extract.

Gradually add the powdered sugar, beating until well combined and fluffy.

Once the cake layers are completely cool, place one layer on a serving plate. Spread a generous amount of frosting over the top.

Top with the second cake layer and frost the entire cake, including the sides.

Decorate as desired (e.g., with chocolate shavings or extra frosting swirls).