Preheat your oven to 350°F (175°C). Grease the springform pan with butter or cooking spray.

In a large mixing bowl, whisk together the flour, sugar, cocoa powder, baking soda, and salt for the red velvet cake layer.

In a separate bowl, mix the oil, buttermilk, eggs, red food coloring, and vanilla extract until well combined.

Gradually add the wet ingredients to the dry ingredients, stirring until the batter is smooth and well mixed.

Pour the red velvet batter into the prepared springform pan and spread it evenly.

Bake the cake layer for 25 minutes in the preheated oven. Remove from the oven and let it cool while you prepare the cheesecake filling.

In a large bowl, use the electric mixer to beat the softened cream cheese until smooth. Gradually add in the sugar and vanilla extract; mix until well blended.

Add the eggs one at a time, mixing well after each addition. Finally, mix in the sour cream until the filling is smooth.

Pour the cheesecake filling over the cooled red velvet cake layer in the springform pan, spreading evenly.

Place a baking sheet on the rack below to catch any drips. Bake the cheesecake for 35-40 minutes or until set around the edges but slightly jiggly in the center.

Turn off the oven and let the cheesecake sit in the oven for an additional hour to cool slowly.

Once cooled, refrigerate the cheesecake for at least 4 hours or overnight before serving.

For added flavor, you can top the cheesecake with whipped cream or shaved chocolate before serving.