Preheat oven to 350°F (175°C). Line a 12-cup muffin tin with paper liners.
In a medium bowl, whisk together the flour, cocoa powder, baking powder, baking soda and salt.
In a large bowl, cream together the butter and sugar until light and fluffy. Beat in the eggs one at a time, then stir in the vanilla and red food coloring.
Beat in the dry ingredients alternately with the buttermilk, beginning and ending with the dry ingredients.
Divide the batter evenly among the prepared muffin cups. Bake for 18-20 minutes, or until a toothpick inserted into the center of the cupcake comes out clean.
Let the cupcakes cool in the tin for 10 minutes, then remove to a wire rack to cool completely.
To make the frosting, beat the butter and cream cheese together until light and fluffy. Gradually beat in the confectioners' sugar, then stir in the vanilla.
Spread the frosting on the cooled cupcakes.
Interesting Facts
Red velvet cupcakes have been popular in the United States since the 1950s.
The cream cheese frosting was first used to top red velvet cupcakes in the 1970s.
The combination of red velvet and cream cheese frosting is said to have been invented in the South.