In a medium microwave-safe bowl, add in white chocolate chips and heavy cream. Microwave for 30 seconds and stir. Repeat 2 additional times or until the mixture is completely smooth. It will take a minute or two of stirring for the heavy cream and white chocolate chips to incorporate.
Cover with plastic wrap and place in the fridge to cool until firm. It should take about 1 hour.
Meanwhile, work on putting the cake together.
Once the ganache has firmed up, remove it from the fridge. If it's rock solid, it needs to sit out to take the chill off and loosen up or you'll burn out your hand mixer trying to mix it. You want it to hold it's shape, but not be super hard.
Mix the ganache with a hand mixer on medium until light and fluffy.
Add in the butter and continue to mix until incorporated.
Add in the powdered sugar and milk and mix on low until the powdered sugar is almost incorporated. Turn the hand mixer on high and mix for an additional 2 - 3 minutes until the frosting is whipped.
Cake
Preheat oven to 350 degrees. Grease two 8" baking pans with cooking spray. Add in 2-3 tablespoons of flour and tap it to cover the pan's sides and bottom. Tap out the extra flour into the garbage.
In a large mixing bowl, add in butter, sugar, and vegetable oil. Mix on medium speed until the mixture is thoroughly combined.
Add in the eggs one at a time. As soon as each one is incorporated, add another and mix just until each is combined.
Measure out the buttermilk and vinegar. Set aside.
In a separate bowl, sift the cocoa powder, flour, baking soda, and baking powder.
Alternately add the flour and buttermilk mixture, starting and ending with flour. Mix on medium speed until combined.
Divide the batter into two 8" prepared pans. Bake for 30 minutes or until done. Use a toothpick and insert it into the center of the cake. If it comes out clean, the cake is done. If there is batter or moist crumbs on it, let it go for another minute or two.
Let the cake cool in the pan for 15 minutes and then turn out onto a cooling rack to finish cooling.
Red Velvet Cake Crumbs
You will need to make an additional batch of the cake recipe to have enough for the cake crumbs and you'll also only use one layer of the cake. Feel free to freeze the other layer for cake pops or a cake milkshake.
Preheat oven to 250 degrees.
Crumble the layer cake on a large sheet pan that has sides on it.
Place in the oven and bake for 30 minutes or until the cake is crunchy. Give it a stir occasionally. You want it to dry out the cake, not to brown it.
Assemble
Once the cake is completely cooled, add the first layer of cake down on a cake platter.
Add a layer of white chocolate frosting on the first layer. Make sure the frosting is even.
Place the next layer of cake on the frosting. Place a huge dollop of frosting on top of the cake. Spread the frosting nice and even on top and work the excess frosting over to the sides. Spread the frosting out to cover the sides. It won't have to be perfect because the crumbs are going to cover all the flaws.
With a pan underneath the cake to catch the excess of crumbs, start placing handfuls of cake crumbs on the side of the cake. Be careful not to get any on the top. Tap the sides of the cake platter to help release any additional crumbs that aren't attached. Sprinkle some cute heart sprinkles* on the top of the cake and serve it up for Valentine's dessert.
Notes
With the frosting containing heavy cream and milk, you'll want to store any leftover red velvet cake in an air tight container in the refrigerator for up to 3 days.