Preheat your oven to 325 degrees F. Grease a 9 inch springform pan with Pam’s Baking Spray. Line the bottom with parchment paper and spray the sides. Set aside.

In a medium sized bowl, whisk together the cocoa powder, baking powder, baking soda, salt, and all-purpose flour. Set aside.

In the bowl of a stand mixer fitted with the paddle attachment, cream the butter, oil and sugar on medium high speed until light and fluffy, about 4 minutes. The mixture should turn white and nearly double in size.

With a rubber spatula, scrape down the sides and the bottom of the bowl. With the mixer on medium speed, start adding the eggs one at a time, mixing for 30 seconds after each addition. Scrape the sides and bottom after each addition.

Once the eggs have been added, add the vanilla, LorAnn’s emulsion (or red food coloring), sour cream, and vinegar. Mix on low just until incorporated, about 30-60 seconds.

Scrape down the sides of the bowl and turn the mixer on low. Add half of the flour mixture and half of the buttermilk to the butter mixture and mix until just incorporated. Finally, add the rest of the flour mixture and the last of the buttermilk, while mixing on low. Do not over mix, this should take 30-45 seconds.

Pour the red velvet batter into the prepared springform pan. Set aside while you make the cream cheese filling.

In a medium-sized bowl, use a hand mixer on medium-high speed to beat the cream cheese until it’s smooth and creamy.

Add the egg and mix on high for 30 seconds, using a rubber spatula to scrape the sides and bottom of the bowl.

Gradually add 1 cup of powdered sugar at a time, mixing for medium high speed 30 seconds after each addition. This should take a little over 1 minute to complete.

Once combined, pour the cream cheese mixture on top of the red velvet cake batter and use a small offset spatula to spread it into an even layer. Make sure you don’t see any red velvet peaking through the corners of the cake. You want it completely covered by the cream cheese filling.

Bake for 50-55 minutes. The middle of the cake will still be slightly jiggly, but it's done when the edges are golden and the middle has cracked.

When the cake is done, let it cool for 10-15 minutes, then place it in the fridge to chill for at least 2 hours to allow the cream cheese to firm up and set.

To garnish, dust the cake with powdered sugar.