Cream together margarine and sugar. Add eggs one at a time, beating well each time. Mix cocoa and food color until cocoa is dissolved in food color. Then mix with above. Add flavoring and mix.
5. Mix soda and buttermilk.
6. Add flour and milk alternately, beginning and ending with flour. (I mix using 1/3 of flour or milk each time. Mix well but do not overbeat, as cake will be tough. When adding flour, use low speed.)
Pour into two greased and floured 9-inch pans and bake in the preheated 350-degree oven for 25-30 minutes. Cool and frost.
(For three layer cake, use three 8" pans and cook for 20minutes.) In a medium bowl, cream together the cold cream cheeses and butter until creamy. Mix in the vanilla, then gradually stir in the confectioners' sugar. Store in the refrigerator after use.