http://www.crumblycookie.net/2009/02/12/red-velvet-cake-comparison/

Adapted from Saveur.

For the cake:

• 2 1/2 cups cake flour
• 1-1 1/4 cups sugar
• 1 teaspoon baking soda
• 1 tablespoon cocoa powder
• 1 teaspoon salt
• 2 eggs
• 1 1/2 cups vegetable oil
• 1 cup buttermilk
• 2 tablespoons (1 oz.) red food coloring
• 1 teaspoon vanilla extract
• 1 teaspoon white distilled vinegar

For the frosting:

• 12 ounces cream cheese, softened
• 12 ounces butter, softened
• 1 1/2 teaspoons vanilla extract
• 3 cups confectioners’ sugar
• 1 1/2 cups chopped pecans (optional)

1. For the cake: Preheat oven to 350°.
2. Sift together flour, sugar, baking soda, cocoa, and salt into a medium bowl.
3. Beat eggs, oil, buttermilk, food coloring, vanilla, and vinegar in a large bowl with an electric mixer until well combined. Add dry ingredients and beat until smooth, about 2 minutes.
4. Divide batter evenly between 3 greased and floured 8″ round cake pans.
5. Bake cakes, rotating halfway through, until a toothpick inserted in the center of each cake comes out clean, 25-30 minutes. Let cakes cool 5 minutes, then invert each onto a plate, then invert again onto a cooling rack. Let cakes cool completely.
6. For the frosting: Beat cream cheese, butter, and vanilla together in a large bowl with an electric mixer until combined. Add sugar and beat until frosting is light and fluffy, 5-7 minutes.
7. Put 1 cake layer on a cake plate, level off with a serrated knife, and spread one-quarter of the frosting on top. Set another layer on top, level, and repeat frosting. Set remaining layer on top, level, and frost top and sides with the remaining frosting. Press pecans into the sides of the cake, if desired. **Tip: after leveling cake, turn it upside down to reduce numbers of crumbs. I also did a crumb coat on the outside, let it set for ten minutes, then finished with remaining frosting.
8. Chill for 2 hours to set frosting.