Line two 6" round cake pans with parchment paper on the bottom, and then lightly spray the sides with cooking spray.

Preheat the oven to 350°F.

In a medium bowl, beat together the canola oil, sugar, buttermilk, egg white, red food coloring, vanilla, and vinegar using an electric mixer.

In another bowl, whisk together the flour, baking soda, salt and cocoa powder.

Slowly add the dry ingredients to the wet ingredients, while mixing.

Divide the batter between the two cake pans, and bake for 25-35 minutes, until a cake tester comes out clean. Let cool completely on a wire rack. When cool, tip the cakes out of the pan, and remove the parchment liner on the bottom.

Once the cake is cool, make the frosting. Make sure everything is room temperature (except the cream). Beat the cream cheese and butter for about 45 seconds to break it up.

Begin adding the powdered sugar one cup at a time while beating.

Add the vanilla extract and heavy cream, and beat again. Add extra heavy cream if needed to form a fluffy, spreadable frosting.

Place one cake layer on a serving dish. Add a heaping one cup of cream cheese frosting on top, and spread it almost to the edge of the cake.

Add the other cake layer on top. Add the remaining frosting to the top of the cake, and using an off-set spatula, move the frosting down the sides of the cake. Use a cake scraper or bench scraper to smooth the sides of the cake.

Serve immediately, or store in the fridge until serving.