Preheat the oven to 350 degrees Fahrenheit.
Grease and line two 8 inch cake pans with parchment paper (I like these parchment rounds). I suggest greasing the side of the pan to prevent any sticking there. In a large mixing bowl, add the melted butter and both sugars and beat for about 30 seconds with an electric mixer.
Add in the oil, milk, vinegar, eggs and vanilla.
Beat until combined.
Beat in the flour, baking powder and salt. Be sure to spoon and level the flour, don't scoop from the bag.
Once smooth, scoop out two cups worth of the batter into a second bowl.
Melt the chocolate chips in the microwave in 25 second intervals, stirring between each until melted.
Add the chocolate into the bowl with the 2 cups of batter and add in the food coloring.
Beat until combined.
Use two medium scoops and alternate scooping the batter into the cake pans. Take a chopstick or small knife to gently swirl the batter together.
Bake for 30-38 minutes or until a toothpick comes out clean.
Let cool in the pan for about 20 minutes, then flip onto a wire rack to finish cooling. After you flip, flip it back over so the bottom is actually on the bottom of the wire rack, this will prevent any cracking.
Once completely cool, top with the cream cheese frosting or regular vanilla buttercream and enjoy!