Prepare the Oven and Pans:

Preheat your oven to 350°F (175°C).
Grease and flour two 9-inch round cake pans or line them with parchment paper.
Mix the Dry Ingredients:

In a medium bowl, whisk together the flour, sugar, baking soda, salt, and cocoa powder.
Combine the Wet Ingredients:

In a large bowl, beat together the vegetable oil, buttermilk, eggs, food coloring, vanilla extract, and vinegar until smooth.
Combine Wet and Dry Ingredients:

Gradually add the dry ingredients to the wet mixture, mixing until just combined. Do not overmix.
Bake the Cakes:

Divide the batter evenly between the prepared pans.
Bake for 25-30 minutes, or until a toothpick inserted into the center comes out clean.
Let the cakes cool in the pans for 10 minutes before transferring to a wire rack to cool completely.
Prepare the Cream Cheese Frosting:

In a large bowl, beat the cream cheese and butter together until smooth.
Gradually add the powdered sugar and beat until fluffy.
Mix in the vanilla extract.
Assemble the Cake:

Place one cake layer on a serving plate or cake stand.
Spread a generous layer of frosting on top.
Add the second cake layer and frost the top and sides evenly.
Smooth the frosting or create decorative swirls with a spatula.