Preheat oven to 350°F (175°C). Grease and flour two 9-inch round cake pans.

In a large bowl, whisk together flour, sugar, baking soda, and salt.

In a separate bowl, combine oil, buttermilk, eggs, red food coloring, and vanilla extract. Mix well.

Add the wet ingredients to the dry ingredients and mix until just combined.

Stir in the vinegar. The batter will be thin.

Pour the batter evenly into the prepared cake pans.

Bake for 30-35 minutes, or until a wooden skewer inserted into the center comes out clean.

Let the cakes cool in the pans for 10 minutes before inverting them onto a wire rack to cool completely.

In a large bowl, beat cream cheese and butter together until smooth and creamy.

Gradually add powdered sugar, beating until smooth.

Stir in vanilla extract.

Once the cakes are completely cool, frost the top of one layer with cream cheese frosting.

Place the second layer on top and frost the entire cake with the remaining frosting.