Add in the oil and continue beating until everything is evenly distributed.
1/2 cup (118mL) canola or vegetable oil
Beat in the eggs, one at a time, until the mixture is smooth.
2 large eggs
Mix in the vanilla extract, vinegar and gel red food coloring.
1 tsp pure vanilla extract, 1 tsp distilled white vinegar, liquid or gel red food coloring*
Alternate adding in the flour mixture and buttermilk in 2-3 rounds. Beat just until completely combined.
2/3 cup (160mL) buttermilk
Pour the batter into the prepared pan and bake for about 45 minutes, until the cake springs back when poked or a toothpick inserted comes out clean.
Let the cake rest for about 20 minutes before removing from the pan. Allow the cake to cool to room temperature before frosting.
Cream Cheese Frosting
In the bowl of the stand mixer fitted with the whisk attachment, cream the butter and cream cheese until they’re smooth.
1/2 cup (113g) unsalted butter, 4 oz cream cheese
Add in the powdered sugar and beat on low-medium speed for 1-2 minutes.
2 cups (240g) powdered sugar
Add the vanilla extract and salt and increase the speed to medium-high, beat for 5-10 minutes, until sugar feels fully dissolved and the frosting is light and fluffy.
1 tsp vanilla extract, pinch of salt
Spread the frosting evenly on top of the cake.
For toasted coconuts, place them in a shallow sauce pan and cook over low-medium heat, just until they begin to brown.
toasted coconuts
Remove them immediately so they don't burn, let them cool completely and use them to decorate the cake.
Notes
*You will probably need a generous amount of red food coloring, I just added a little more at the end if I wanted it darker.