Preheat oven to 350°
Prepare an 8" round cake pan with a baking spray or shortening and flour pan for easy release.
In a medium bowl mix the sugar and eggs until fluffy. (use a whisk or electric beater)
Add in the flour, baking powder, baking soda, mix to spread around the dry ingredients, and then begin adding the buttermilk, butter, oil.
Mix on medium-low, then add in the dutch cocoa, vinegar, vanilla, and red coloring, mix to combine so everything is evenly incorporated.
Place batter into prepared pan and bake at 350° for 30-35 minutes or until a toothpick comes out clean.
Remove cake from the oven, allow to cool 10 minutes, then turn the cake out of the pan onto a cooling rack.
Let cake cool completely before frosting,
Mix frosting while cake cools.
In a bowl with a whisk or electric beater beat the cream cheese and butter until smooth.
Mix in the powdered sugar, heavy cream, and vanilla and whip until smooth and creamy.
Spread frosting onto the top of the cooled cake, use the back of a spoon to create swirls.
Top with candy or sprinkles if desired and serve.
Store in the fridge.