Preheat the oven to 350°F (175°C) and line a 12-cup muffin tin with cupcake liners.
In a large mixing bowl, sift together the flour, sugar, cocoa powder, baking soda, and salt. Set aside.
In another bowl, mix together the vegetable oil, buttermilk, eggs, red food coloring, vanilla extract, and white vinegar until smooth.
Gradually add the wet ingredients to the dry ingredients, mixing until just combined. Do not overmix.
Divide the batter evenly among the cupcake liners, filling each about two-thirds full.
Bake for 18-20 minutes, or until a toothpick inserted into the center comes out clean. Allow the cupcakes to cool in the pan for 5 minutes before transferring them to a cooling rack.
While the cupcakes cool, make the cream cheese frosting by beating together the softened cream cheese and butter until light and fluffy.
Gradually add the powdered sugar and mix until smooth. Stir in the vanilla extract and milk if a thinner consistency is desired.
Once the cupcakes are completely cool, frost them with the cream cheese frosting using a piping bag or knife.
For a decorative touch, sprinkle some edible glitter or red sprinkles on top of the frosting.