For the Cake:

1. Preheat the oven to 350°F (175°C). Prepare two 9-inch round cake pans by greasing them and dusting with flour, or simply line them with parchment paper for easy release.
2. Combine the flour, sugar, baking soda, salt, and cocoa powder in a large bowl, sifting them to ensure a smooth and even mixture.
3. In another bowl, whisk together the oil, buttermilk, eggs, food coloring, vanilla, and vinegar.
4. Gradually add the wet ingredients to the dry ingredients, mixing until smooth and well combined.
5. Pour the batter evenly into the prepared pans, ensuring equal distribution.
6. Bake for 25-30 minutes or until a toothpick inserted in the center comes out clean.
7. Let the cakes cool in the pans for 10 minutes, then transfer to a wire rack to cool completely.

For the Cream Cheese Frosting:

1. In a large bowl, beat the cream cheese and butter until creamy and smooth.
2. Gradually add the powdered sugar, beating until fluffy.
3. Mix in the vanilla extract.

Assembling the Cake:

1. Level the cakes if necessary, then place one layer on a serving plate. Spread a layer of frosting evenly on top.
2. Add the second cake layer and frost the top and sides of the cake.
3. Decorate as desired.