Preheat the oven to 350°F (175°C) and line a muffin tin with paper liners.

In a large mixing bowl, whisk together the flour, sugar, baking soda, baking powder, salt, and cocoa powder.

In another bowl, combine the vegetable oil, buttermilk, eggs, food coloring, and vanilla extract. Mix well.

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

Spoon the batter into the prepared muffin tin, filling each cup about 2/3 full.

Bake for 18-20 minutes or until a toothpick inserted into the center comes out clean.

Allow the muffins to cool in the pan for 5 minutes, then transfer to a wire rack to cool completely.

In a mixing bowl, beat the softened cream cheese and butter together until smooth.

Gradually add the powdered sugar and vanilla extract, mixing until well combined and fluffy.

Once the muffins are completely cool, frost them with the cream cheese frosting.