Prepare the frosting by combining the confectioner's sugar, cream cheese, and butter in a large bowl using a standing mixer or hand mixer on low speed until incorporated.  Increase the speed to high and mix until fluffy, about 5 minutes.

Reduce the speed to low and add 1 teaspoon of the vanilla extract.  Increase the speed to high again and mix until fluffy.

Place in the refrigerator and chill until a bit stiff before using. Store for up to three days.

Preheat an oven to 350F (175C).

Lightly oil and flour three round 9 inch x 1/2 inch cake pans.

In a large bowl, combine the flour, sugar, cocoa powder, baking soda and salt. In a separate medium bowl, combine the buttermilk, eggs, food coloring, vinegar, vegetable oil, and 1 teaspoon of vanilla extract.

Use a standing mixer to mix the dry and wet ingredients in the large bowl.  Mix until a smooth batter is formed.

Evenly divide the batter among the prepared cake pans.   Bake for about 30 minutes, rotating the pans halfway through cooking, until an inserted toothpick comes out clean and the cake pulls away from the sides of the pan.

Invert the cakes onto a plate, and then turn onto a cooling rack. Cool completely.

Frost the cake by placing a cake layer with the rounded side down and spreading a layer of previously prepared frosting 1/4 to 1/2 inch thick onto the cake layer.  Place another cake layer on top of the frosting and add another layer of frosting. Repeat with remaining cake layer.

Cover the entire layered cake with the remaining frosting.  Sprinkle the top with pecans for a garnish, if desired.