Preheat the oven to 350°F. Line the bottom of two 8- inch round cake pans with parchment paper, and grease the sides with cooking spray or butter. Set aside.

In a stand mixer fit with the whisk attachment, beat together the oil and sugar until combined. Add the eggs and beat on high speed until light and fluffy, about 2 minutes. Add the vanilla extract, food coloring, and vinegar and mix well.

In a large bowl, sift together the flour, cocoa powder, baking soda, and salt. 

Remove the bowl from the stand mixer and use a spatula to fold in the dry ingredients and the buttermilk in 3 different additions (first add half of the dry ingredients, then all of the buttermilk, then the remaining dry ingredients). Do not over mix.

Divide the batter between the prepared pans and bake for 25 to 30 minutes, or until a butter knife inserted into the center of the cake comes out mostly clean. Allow the cakes to cool completely. 

In a stand mixer with a paddle attachment, beat the cream cheese and butter until combined. Add in the vanilla extract, salt, and powdered sugar and beat to combine, being careful not to add too much air into the batter.

Place the first cake on a plate, then top with a large dollop of frosting, spreading all the way to the edges. Top with the second layer of cake and frost the tops and sides of the cake with the remaining frosting. Serve!