My sister renamed this 'Christmas Velvet Bliss' after her first bite, and the name stuck

Preheat your oven to 350°F (175°C). Grease and flour two 9-inch round cake pans.
In a large bowl, sift together the flour, sugar, baking soda, salt, and cocoa powder.
In another bowl, whisk together the oil, buttermilk, eggs, food coloring, vanilla extract, and vinegar.
Gradually add the wet ingredients to the dry ingredients, mixing until just combined.
Divide the batter evenly between the prepared cake pans.
Bake for 25-30 minutes, or until a toothpick inserted into the center comes out clean.
Allow the cakes to cool in the pans for 10 minutes, then turn them out onto a wire rack to cool completely.
For the frosting, beat together the butter and cream cheese until smooth.
Gradually add the powdered sugar, beating until light and fluffy.
Stir in the vanilla extract.