Preheat your oven to 350°F (175°C). Grease and flour a bundt cake pan thoroughly to ensure easy release.
In a large mixing bowl, sift together the flour, sugar, baking soda, salt, and cocoa powder.
In another bowl, combine the vegetable oil, buttermilk, eggs, food coloring, vanilla extract, and vinegar. Whisk until well blended.
Gradually pour the wet ingredients into the dry ingredients, mixing until just combined. Do not overmix.
Pour the batter into the prepared bundt pan, smoothing the top.
Bake in the preheated oven for 50 minutes, or until a toothpick inserted into the center comes out clean.
Allow the cake to cool in the pan for about 10-15 minutes, then carefully invert it onto a cooling rack to cool completely.
While the cake cools, prepare the cream cheese frosting. In a mixing bowl, beat together the softened cream cheese and butter until smooth and creamy.
Gradually add the powdered sugar, mixing until fully incorporated. Add vanilla extract and enough milk to achieve desired frosting consistency.
Once the cake is completely cooled, drizzle or spread the cream cheese frosting over the top and sides of the cake.