Preheat oven to 350F (180C). Grease with butter and dust with flour two 9 inch (23 cm) round cake pans.

In   a large bowl sift together the flour, cocoa powder, baking soda and salt and whisk to combine.

In another bowl mix butter with sugar until combined. Incorporate eggs one at a time. Mix in oil, vinegar,vanilla extract and buttermilk. Incorporate flour mixture until well combined.

Gradually add red food coloring until the desired color is reached.

Pour the batter evenly into the prepared pans.

Bake for about 30 minutes until a toothpick inserted into the center comes out clean.

Let pans cool on a cooling rack for 10 minutes.

Remove the cakes from the pan and let them cool completely.

Prepare the frosting. In a bowl sift the powdered sugar. Beat the cream cheese with powdered sugar and vanilla extract until smooth.

In another bowl whip the cream until stiff peaks form. Gradually fold into the cream cheese mixture until well combined.

Assemble the cake. Cut the tops of the cakes to create flat surfaces. Make crumbs out of the left pieces of cake and set aside.

Place 1 cake layer on your serving plate. Spread evenly with a bit less than half of frosting. Add the second layer of cake. Gradually spread the remaining frosting on top and sides of the cake.

Decorate the cake with remained cake crumbs if desired.

The cake is ready to serve.

The leftover frosted cake can be covered and refrigerated for up to a week. Serve at room temperature.