Preheat your oven to 350 degrees F. Spray the bottom of three 8-inch round cake pans with non-stick spray, then line with parchment paper. Lightly spray the paper to ensure the cake does not stick and set the pans aside.

In a large mixing bowl, beat together the oil and sugar. Add the eggs, one at a time, with the mixer running on low until fully incorporated. Stir in the food coloring and vanilla extract until evenly combined.

In another bowl, sift together the flour, cocoa powder, and salt, ensuring there are no lumps.

In a medium bowl, whisk together the buttermilk and baking soda until frothy. Gradually mix in half of the dry ingredients into the wet mixture, followed by the buttermilk mixture. Add the remaining dry ingredients and mix until smooth. Scrape down the bowl as needed.

Divide the batter equally among the prepared pans. Bake for 28-30 minutes or until a toothpick inserted in the center comes out clean.

Let the cakes cool in the pans for about 10 minutes. Run a knife around the edges and invert the cakes onto a wire rack to finish cooling completely.

Once cooled, prepare the cream cheese frosting. Place one cake layer on a serving plate and spread frosting generously over the top. Repeat with the second layer. Add the third layer top side down and frost the top and sides. Decorate with sprinkles or chocolate shavings and refrigerate until ready to serve.