Preheat your oven to 350°F (175°C). In a large bowl, mix together 120 g of softened unsalted butter, 60 g of vegetable oil, and 140 g of granulated sugar until smooth and creamy, about 2-3 minutes.

Add 2 room-temperature eggs, 1 teaspoon of vanilla extract, and 1 tablespoon of red gel food coloring, blending until fully incorporated and vibrant.

In a separate bowl, sift together 210 g of all-purpose flour, 1½ teaspoons of baking soda, and a touch of cocoa powder. Gradually add these dry ingredients to the wet batter, alternating with 120 ml of buttermilk and adding 1 teaspoon of white vinegar.

Mix until the batter is smooth and well combined, ensuring there are no lumps.

Line a cupcake pan with paper liners and divide the red velvet batter among the cups, filling each about two-thirds full. Bake for 18-20 minutes.

Let the cupcakes cool in the pan for 5 minutes, then transfer them to a wire rack to cool completely.

In a clean mixing bowl, beat together 120 g of softened butter and 300 g of powdered sugar until smooth and fluffy, about 3-4 minutes. Gradually add in 210 g of cold cream cheese and 1 teaspoon of vanilla extract, mixing until just combined.

Once cooled, frost each cupcake with the cream cheese frosting as desired and serve.