Spray two cake tins with nonstick spray, or butter and flour the tins.

Whisk the flour, baking soda, cocoa powder, and salt together in a large bowl. Set aside.

Using a handheld or stand mixer with a paddle attachment, beat the butter and sugar together on medium-high speed until well combined. Scrape down the sides as needed. Add the oil, eggs, vanilla extract, and vinegar and beat on high for 2 minutes.

With the mixer on low speed, add the dry ingredients in 2-3 additions alternating with the buttermilk. Beat in food coloring until just combined. The amount of food coloring will depend on how strong it is and how red you want the cake. I used about 2 tablespoons of red gel coloring.

Divide batter between cake pans.

Bake for 30 to 35 min or until the tops of the cakes spring back when gently touched and a toothpick inserted in the center comes out clean. Remove from oven and let completely cool down on wire rack. You can cut the cakes into 4 halves if you prefer more layers.

Add all the ingredients into a mixer. Sieve the icing sugar to avoid lumps.

Whisk together well until well combined.

Frost the cake layers and lastly the outside of the cake. Decorate with leftover cake crumbs or roasted crushed peanuts.

Store in an airtight container.