Preheat the oven to 350°F (175°C). Grease and flour the bundt pan thoroughly to prevent sticking.
In a large mixing bowl, whisk together the flour, sugar, baking powder, baking soda, salt, and cocoa powder.
In another bowl, mix the vegetable oil, buttermilk, eggs, red food coloring, vanilla extract, and vinegar until well combined.
Gradually add the wet ingredients to the dry ingredients, mixing on medium speed until fully incorporated and smooth.
Pour the batter into the prepared bundt pan, spreading evenly.
Bake in the preheated oven for 50-55 minutes, or until a toothpick inserted in the center comes out clean.
Allow the cake to cool in the pan for about 10-15 minutes, then invert it onto a cooling rack to cool completely.
While the cake is cooling, prepare the cream cheese frosting by beating cream cheese and butter together until creamy.
Gradually add powdered sugar, mixing until smooth. Add vanilla extract and milk, adjusting to achieve desired consistency.
Once the cake is completely cool, generously frost it with cream cheese frosting.