Preheat the oven to 375º F (180º C) an line two round cake pans of about 9 inches (23 cm) in diameter with parchment paper.
Sift together the flour, cocoa powder, baking soda and salt.
In a different bowl, using an electric mixer, beat the butter with the oil and sugar for 3 minutes until the mixture turns lighter in color and gets fluffier.
Mix in the eggs one by one, beating for 1 minute after each addition and then add the vanilla and the red colorant. Beat a little until the colorant is well integrated and the color is even.
Add in the flour mixture in three separate additions alternating with the buttermilk and vinegar, starting and finishing with the flour. Beat for 1 more minute.
Divide the mixture and pour half in one cake pan and the remaining half in the other and bake both for 25 to 30 minutes until a wooden stick comes out clean when inserted.
Once ready, let the cakes rest for 10 minutes. Turn them out and put them on a cooling rack to completely cool down before decorating.
In a big bowl put the cream cheese, butter and confectioners sugar and mix with a whisk or an electric mixer for 3 minutes until the mixture lightens in color and turns fluffier.
Add in the vanilla and salt and beat for 2 minutes until you get a soft mixture to decorate the cake.
Put the frosting in a pastry piping bag or a plastic bag with a round or star shaped piping tip.
Put one of the cakes on the plate you will be presenting the cake. Then, decorate with about half the amount of the frosting only on the top of the cake, not on the sides (to make a naked cake).
Put the other cake on top of that and decorate with the rest of the frosting on the top. Refrigerate for at least 30 minutes before cutting and serving.
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