Preheat your oven to 350°F (175°C) and prepare your cake pans.
In a large mixing bowl, cream together the softened butter and sugar until light and fluffy.
Add eggs one at a time, mixing well after each addition. Then, stir in the vanilla extract.
In a separate bowl, whisk together the flour, baking powder, baking soda, and salt.
Alternately add the dry ingredients and buttermilk to the butter mixture, starting and ending with flour.
Add the red food coloring, and mix until you achieve your desired shade of pink.
Divide the batter evenly between the prepared pans and smooth the tops.
Bake in the preheated oven for 25-30 minutes, or until a toothpick inserted into the center comes out clean.
Allow the cakes to cool in the pans for 10 minutes before transferring them to a wire rack.
Once completely cool, frost with cream cheese frosting and decorate as desired.