Preheat your oven to 350°F (175°C).
Grease and flour two 9-inch round cake pans.
In a large bowl, combine the flour, cocoa powder, baking soda, and salt. Whisk until well blended.
In another bowl, whisk together the oil, sugar, eggs, and vanilla until smooth.
Add buttermilk and red food coloring to the wet mixture, mixing until combined.
Gradually add the dry ingredients to the wet mixture, stirring until just combined.
Divide the batter evenly between the prepared cake pans and smooth the tops.
Bake for 25-30 minutes or until a toothpick inserted in the center comes out clean.
Allow the cakes to cool in the pans for 10 minutes before transferring to wire racks.
While the cakes cool, prepare the cream cheese frosting by beating together the cream cheese and butter until smooth.
Gradually add powdered sugar and beat until fluffy.
Once the cakes are cool, place one layer on a serving plate and spread frosting on top.
Top with the second layer and frost the top and sides of the cake entirely.
You can decorate with additional sprinkles or berries on top if desired, then slice and serve.