Preheat your oven to 350°F (175°C). Prepare your bundt pan by greasing it thoroughly with cooking spray.

In a large mixing bowl, whisk together the flour, sugar, cocoa powder, and salt until well combined.

In a separate bowl, mix the vegetable oil, buttermilk, eggs, red food coloring, and vanilla extract until smooth.

Slowly combine the wet ingredients into the dry ingredients, mixing until the batter is smooth and well incorporated.

In another bowl, beat together the softened cream cheese, powdered sugar, and a teaspoon of vanilla until creamy and smooth.

Pour half of the red velvet batter into the prepared bundt pan. Then, spoon in the cream cheese filling and carefully top it off with the rest of the batter.

Bake for 60-70 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 gently transferring it to a wire rack.

Once cooled, generously frost the cake with cream cheese frosting and prepare to serve.