Preheat oven to 350°F. Butter and flour three 8-inch round cake pans and line the bottoms with parchment paper rounds. You can also spray with Pam for Baking, which is my favorite way to prep pans!
In the bowl of a stand mixer fitted with the paddle attachment, or in a large bowl with a hand mixer, beat the butter and sugar at medium speed until light and fluffy (about 3-4 minutes). Add the eggs one at a time, beating well after each addition.
In a medium bowl, whisk together the flour, cocoa, baking soda and salt. With the mixer on low speed, gradually add the flour mixture to the butter mixture, alternating with the buttermilk. Begin and end with the flour mixture. Beat until just combined after each addition. Do not overmix.
Stir in vinegar, vanilla and red food coloring. Divide batter evenly among the three pans.
Bake for 28 - 30 minutes, or until a toothpick inserted in the center comes out with a few moist crumbs. Let cool in pans for 10 minutes, then remove the cake layers from the pans to cool completely on a wire rack.
Once cakes are full cooled, use a serrated knife to level out cake layers. Reserve scraps to crumble on top of cake for a garnish.
Prepare peppermint cream cheese frosting. Spread between the cake layers and then frost the outside of the layers with a thin coat of frosting (called a crumb coat). Put cake in freezer for 10 minutes to set the crumb coat.
Continue frosting cake with remaining frosting. You may have some leftover frosting. If so, you can freeze and thaw for a different cake!