Preheat your oven to 350°F (175°C). Line a muffin tin with cupcake liners and set aside.
In a large mixing bowl, combine flour, sugar, baking soda, salt, and cocoa powder. Whisk together until well mixed.
In another bowl, combine the vegetable oil, buttermilk, eggs, red food coloring, vanilla extract, and vinegar. Mix well until all the wet ingredients are fully combined.
Gradually add the wet ingredients to the dry ingredients, mixing with an electric mixer or whisk until just combined. Be careful not to overmix; a few lumps are okay.
Fill the cupcake liners about ⅔ full with the batter.
Bake in the preheated oven for 18-20 minutes or until a toothpick inserted into the center comes out clean.
Once baked, remove the cupcakes from the oven and let them cool in the tin for about 5 minutes, then transfer them to a wire rack to cool completely.
While the cupcakes are cooling, prepare the cream cheese frosting. In a mixing bowl, beat together the softened cream cheese and butter until smooth.
Gradually add in the powdered sugar, mixing until fluffy. Finally, add vanilla extract and mix until well incorporated.
Once the cupcakes are completely cool, frost them generously with the cream cheese frosting using a spatula or piping bag.
For a festive touch, you can add red sprinkles on top of the frosted cupcakes.