Preheat your oven to 350°F. Grease and flour your bundt cake pan to ensure easy removal after baking.

In a large mixing bowl, sift together the all-purpose flour, granulated sugar, baking soda, salt, and cocoa powder. Stir these until well combined, ensuring the mixture is uniform.

In a separate bowl, whisk together the vegetable oil, buttermilk, eggs, and vanilla extract. Add red food coloring drop by drop, mixing after each addition, until you achieve the desired deep red hue typical of red velvet cakes.

Gradually pour the wet ingredients into the dry ingredients, mixing as you go to avoid lumps. Stir until the batter is smooth.

Pour the batter into the prepared bundt cake pan, smoothing the top with a spatula. Bake in the preheated oven for 45-50 minutes, or until a toothpick inserted into the center comes out clean.

Allow the cake to cool in the pan for about 10 minutes before turning it out onto a wire rack to cool completely. This step helps prevent the cake from breaking.

While the cake cools, prepare the frosting. In a bowl, beat the cream cheese and softened butter together until smooth. Gradually add the powdered sugar, continuing to beat until the frosting is light and fluffy.

Once the cake is completely cool, spread the cream cheese frosting evenly over the top and sides. Sprinkle with pink or red sprinkles for a festive look, if desired.