Preheat your oven to 350°F (175°C). Grease the 9-inch round cake pans and line the bottoms with parchment paper.
In a mixing bowl, sift together the flour, sugar, cocoa powder, baking soda, and salt.
In another large bowl, combine the vegetable oil, buttermilk, eggs, red food coloring, vanilla extract, and vinegar. Mix well until combined.
Gradually add the dry ingredients to the wet ingredients. Use an electric mixer or whisk until the batter is smooth and fully combined, but do not overmix.
Divide the batter evenly between the two prepared cake pans.
Bake in the preheated oven for about 30 minutes, or until a toothpick inserted in the center comes out clean.
Remove the cakes from the oven and let them cool in the pans for about 10 minutes. Then, transfer them to a cooling rack to cool completely.
While the cakes are cooling, prepare the cream cheese frosting. In a mixing bowl, beat the softened cream cheese and butter together until smooth. Gradually add the powdered sugar and vanilla extract, mixing until well combined.
Once the cakes are completely cooled, place one layer on a serving plate. Spread a layer of cream cheese frosting on top, then place the second layer of cake on top.
Frost the top and sides of the cake with the remaining cream cheese frosting. Decorate as desired.