Preheat your oven to 325°F (163°C). Grease and flour a 9-inch springform pan and set aside.

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

In another bowl, combine the vegetable oil, buttermilk, eggs, red food coloring, vanilla extract, and vinegar. Mix until smooth.

Gradually add the wet ingredients to the dry ingredients, mixing until just combined. Do not overmix.

Pour half of the red velvet cake batter into the prepared springform pan, spreading it evenly across the bottom.

In a separate bowl, beat the softened cream cheese and granulated sugar until smooth and creamy. Add the eggs one at a time, mixing well after each addition. Stir in the vanilla extract.

Pour the cheesecake mixture over the red velvet layer in the pan, spreading it evenly.

Carefully pour the remaining red velvet batter over the cheesecake layer, spreading it evenly.

Bake for 50-60 minutes, or until the edges are set and the center has a slight jiggle. The cheesecake should not be overbaked.

Once baked, turn off the oven and leave the cheesecake in the oven for an additional hour to cool gradually.

Remove the cheesecake from the oven and let it cool completely at room temperature. Then refrigerate for at least 4 hours, or overnight.

To make the cream cheese frosting, beat together the softened cream cheese and butter until creamy. Gradually add the powdered sugar, mixing until smooth. Stir in the vanilla extract and add heavy cream as needed to reach desired consistency.

Once the cheesecake is chilled, frost the top with the cream cheese frosting. Decorate as desired.

Slice and serve chilled. Enjoy your delicious red velvet cheesecake!