Preheat your oven to 350°F (175°C) and grease two round cake pans. Line the bottom of each with parchment paper.

In a large mixing bowl, combine the all-purpose flour, cocoa powder, baking powder, baking soda, and salt. Whisk until well mixed.

In another bowl, whisk together the granulated sugar, vegetable oil, buttermilk, eggs, red food coloring, vanilla extract, and vinegar until uniform.

Gradually add the dry ingredients to the wet mixture, stirring gently until just combined.

Divide the red velvet batter between the prepared pans. Bake for 25-30 minutes, or until a toothpick inserted in the center comes out clean.

In a mixing bowl, beat the cream cheese, granulated sugar, and sour cream until smooth. Add the eggs one at a time, mixing until just incorporated.

Pour the cheesecake batter over one cooled red velvet layer. Bake at 325°F (163°C) for about 45-50 minutes.

Allow the cheesecake to cool completely in the pan on a wire rack. After cooling, refrigerate for at least 4 hours.

Cream together softened butter and cream cheese until light and fluffy. Gradually add sifted powdered sugar and remaining vanilla extract.

Carefully place the cheesecake layer atop the other red velvet layer. Frost the top and sides with the cream cheese mixture.

Chill the assembled cake in the refrigerator for an additional hour before serving.