Preheat oven to 350 degrees F and generously grease cake pan (or line muffin tins).
In medium bowl, sift flour, sugar, baking soda, cocoa and salt.
In large bowl add oil, buttermilk, vinegar, eggs,vanilla extract, food coloring, and beat on low with electric mixer until blended.
Slowly add dry mixture and continue to beat until batter is smooth.
Pour mixture in cake pan.
Bake for about 30 to 35 minutes, or until toothpick comes out dry when inserted in top, middle.
Let cool and remove from pan.
When completely cool, add frosting.
For the frosting, beat cream cheese, whipping cream, sugar and vanilla in bowl until fluffy, but a bit firm.
Frost cake and add the garnish of your choice.
Enjoy!