Preheat the oven to 350 degrees F. Spray two 8-inch round cake pans with nonstick baking spray. Cut two 8-inch parchment paper circles to sit in the bottom of the cake pans. Add about 1 - 2 tablespoons of flour to coat the sides of the greased pan and tap out any excess flour. Repeat with the second cake pan.
Add the vegetable oil, buttermilk, eggs, red food coloring, vinegar, and vanilla extract to a medium mixing bowl. Beat with a hand mixer on medium until combined.
In a large bowl, add in the cake flour, sugar, cocoa powder, baking soda, and salt. Whisk to combine.
Add the wet ingredients in with the dry and beat until just combined. Scrape down the sides of the bowl and beat in any remaining flour.
Divide the batter evenly between the two prepared cake pans.
Place in the preheated oven and bake for 30 to 35 minutes or until a toothpick inserted in the center of the cake comes out clean or with moist crumbs.
Remove from the oven and let cool in the pan for 30 minutes before turning out onto a cooling rack to cool completely.
Once cooled, work on the cream cheese frosting.
Add the cream cheese and butter in a large mixing bowl. Beat on medium until smooth.
Add in the powdered sugar, milk, and vanilla extract. Beat on low until the powdered sugar is mostly incorporated.
Turn the mixer on medium and beat until creamy.
Place the first layer of cooled cake on a cake plate.
Add a large scoop of frosting to the cake and spread evenly with an offset spatula.
Add the second layer of cake on top of the frosting and gently press down.