Prep. Preheat the oven to 350˚F. Line the bottom of a 9-inch cake pan with parchment paper, and spray the pan with baking spray; set aside.
Mix the dry ingredients. In a medium mixing bowl, whisk together the flour, sugar, baking powder, cocoa powder, and salt; set aside.
Beat the eggs with food coloring. In a separate bowl, combine egg whites, food coloring, and vanilla; whisk until thoroughly combined.
Mix the wet ingredients. Using your stand mixer fitted with a paddle attachment, cream together the oil and butter; continue to mix for about 1 minute, or until smooth and creamy.
Combine to make the batter. Set the speed to "low" and gradually add in the flour mixture. Add the buttermilk and continue to mix on low until just combined. Increase speed to medium and continue to mix for another minute or two, stopping to scrape down the sides of the bowl a couple of times.
Make it red. Reduce the speed to low and mix in the colored egg mixture in two parts, beating between each addition for 30 seconds. At this point, you can also add one more drop of food color if you feel that your batter isn't quite the red that you want, and continue to mix until all is combined.
Fill the pan and bake. Pour the batter into the previously prepared cake pan. Bake for 30 to 35 minutes, or until a toothpick inserted in the center of the cake comes out clean.
Cool. Remove from the oven and allow the cake to cool in the pan for 10 minutes. Turn out the cake on a wire rack and let it completely cool before frosting.
FOR THE CREAM CHEESE FROSTING
Mix the frosting. Combine the cream cheese, butter, sugar, and vanilla extract in your mixer's bowl and beat until creamy and smooth.
Frost the cake. Spread the frosting evenly over the cooled cake, using an offset spatula. You can also reserve about 1/3 cup to 1/2 cup of the frosting, place it in a piping bag, and decorate/garnish the cake to your liking.
Decorate and chill the cake. Continue to garnish the cake with raspberries, chocolate shavings, and currants. Place the red velvet cake in the fridge for a couple of hours before cutting and serving.