Begin by preheating your oven to 325 degrees Fahrenheit (163 degrees Celsius). Grease and flour a 12-cup bundt pan thoroughly.
In the bowl of a stand mixer, combine the butter, oil, and cream cheese. Beat on high until the mixture is well combined (about 2-3 minutes).
1½ cups unsalted butter, 2 tablespoon oil, 8 ounces cream cheese
Gradually add the granulated sugar to the bowl while continuing to beat on high. Keep beating until the mixture becomes very light and fluffy (about 5-6 minutes).
2¾ cups granulated sugar
Mix in the vanilla extract, then add the eggs one by one, making sure to beat well after each addition. Scrape down the sides of the mixing bowl as needed.
1 tablespoon vanilla extract, 6 large eggs
Reduce the mixer's speed to low and add the flour and sifted cocoa powder slowly. After they are combined, add the salt and baking soda to the bowl. Continue to beat on low speed just until everything is combined.
½ teaspoon salt, 3 cups cake flour, ¼ cup unsweetened cocoa powder, 1½ teaspoon baking soda
Add the food coloring and buttermilk and mix on a low speed until they are just combined. Feel free to adjust the amount of food coloring to achieve your desired color.
1 teaspoon red food coloring, ¼ cup buttermilk
Gently pour the batter into the prepared bundt pan, being careful not to fill the pan more than three-quarters full.
Place the pan in the preheated oven and bake for 55-70 minutes. You'll know it's done when a toothpick inserted into the cake's center comes out clean. Keep an eye on it from the 50-minute mark, as cooking time can vary.
Once the cake is finished baking, allow it to cool in the pan for 10-15 minutes before turning it out onto a wire cooling rack.
During the cake's cooling time, prepare the cream cheese frosting. Combine cream cheese, confectioner's sugar, milk, and vanilla extract in a medium-sized bowl. Blend with a hand mixer or stand mixer until the frosting is smooth.
3 ounces cream cheese, 2 cups powdered sugar, 1 teaspoon vanilla extract, 2-3 tablespoon milk or heavy cream
Once the cake has cooled completely remove a small amount of cake from the underside to use as a garnish. Drizzle the cream cheese frosting over the cake and sprinkle with the cake crumbs.