Preheat the oven to 350°F.

Line two 12-cavity cupcake pans with baking papers. Set aside.

Place the butter, canola oil, granulated sugar, brown sugar, and vanilla in a large mixing bowl. Using a hand mixer or stand mixer fitted with a whisk attachment, cream the ingredients together on medium speed until smooth, about 1 minute. Add the eggs and continue to beat until the mixture is light and fluffy, about 1 minute.

Sift the flour, cocoa powder, baking soda, and salt into the bowl. Beat the mixture on low until the ingredients begin to come together. Slowly stream in the buttermilk and food coloring and continue mixing, scraping down the sides of the bowl with a rubber spatula as needed, until a smooth batter forms.

Divide the batter evenly between the cupcake liners, filling each no more than 2/3 full.

Bake the cupcakes on middle rack of oven until a toothpick inserted in the center comes out clean, 18-21 minutes.

Check to see that cupcakes are done. Remove from oven or add time as needed.

Remove cupcakes from pan to cool completely. Allow the cupcakes to cool to room temperature before frosting. While the cupcakes cool, make the frosting.

Place the cream cheese and butter in a large mixing bowl. Beat with a hand mixer on medium speed until smooth and creamy.

Add the powdered sugar in two additions, beating on low speed after each until the sugar is fully incorporated. Add the vanilla extract and salt to the bowl. Continue beating on medium-high speed until the frosting is light and fluffy, 2-3 minutes.

Pipe or spread the frosting onto cooled cupcakes. Refrigerate until ready to serve.