Preheat the oven to 350°F/180°C/Gas 4. Grease and flour an 8 or 9-inch bundt cake pan.
Whisk the all-purpose flour, sugar, baking soda, salt, and cocoa powder in a large mixing bowl until combined.
Whisk together the oil, buttermilk, eggs, and vanilla extract in a separate mixing bowl until combined. Add a few drops of red food coloring to achieve the desired shade of red.
Gradually pour the wet ingredients into the bowl of dry ingredients. Stir until the batter is smooth and lump-free.
Transfer the batter into the prepared bundt cake pan, spreading it evenly.
Bake in the preheated oven for 45-50 minutes or until a toothpick inserted into the center comes out clean.
Remove the baked cake from the oven and let it cool in the pan for 10 minutes before transferring it to a wire rack to cool completely.
To prepare the frosting, beat the cream cheese and butter in a mixing bowl until smooth and creamy.
Gradually add the powdered sugar to the bowl, beating well after each addition until the frosting is light and fluffy.
When the cake has cooled completely, spread the cream cheese frosting over the top and sides.
Decorate with pink sugar sprinkles, slice, and serve. Enjoy!