Beat the softened cream cheese and butter in a medium bowl until the mixture is smooth and creamy.
Add the vanilla extract, then gradually mix in the powdered sugar one cup at a time until the topping is light and fluffy.
Whisk the flour, powdered sugar, cocoa powder, baking powder, baking soda, and salt together in a large mixing bowl.
Combine the buttermilk, eggs, granulated sugar, and red food coloring in a separate bowl until well blended.
Pour the wet ingredients into the dry ingredients and stir gently until the batter is smooth and free of large lumps.
Heat a lightly buttered griddle or nonstick skillet over medium heat.
Pour 1/4 cup of batter onto the hot surface for each pancake.
Cook until bubbles form on the surface and the edges appear set, then flip and cook the other side until golden brown and cooked through.
Keep the finished pancakes warm in a 200°F oven on a baking sheet while you cook the remaining batter.
Serve the warm pancakes topped with a generous dollop of the sweet cream cheese mixture.