In a large mixing bowl, combine the all-purpose flour, granulated sugar, baking soda, salt, and cocoa powder. Mix well until all the dry ingredients are evenly incorporated. In a separate bowl, whisk together the vegetable oil, buttermilk, eggs, and vanilla extract until well combined. Add a few drops of red food coloring to achieve the desired red velvet color.

Gradually pour the wet ingredients into the bowl with the dry ingredients. Stir until the batter is smooth and no lumps remain.

Pour 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 cake from the oven and let it cool in the pan for about 10 minutes. Then, transfer it to a wire rack to cool completely.

While the cake is cooling, prepare the frosting. In a mixing bowl, beat the cream cheese and softened butter until smooth and creamy. Gradually add the powdered sugar to the cream cheese and butter mixture, beating well after each addition, until the frosting is light and fluffy.

Once the cake has cooled, spread the cream cheese frosting over the top and sides of the bundt cake. Decorate with pink or red sprinkles to add a touch of love. Slice, serve, and enjoy!