Start with the glaze. Beat the cream cheese and softened butter in a medium bowl until completely smooth, then beat in the powdered sugar and vanilla.Add the milk 1 tbsp at a time, mixing until the glaze is thick but pourable. Set aside at room temperature.
Sift the flour, sugar, cocoa powder, baking powder, baking soda and salt into a large bowl, then whisk to combine. Sifting keeps the cocoa from forming lumps.
In another bowl, whisk the buttermilk, melted butter, vinegar, vanilla and red food coloring until the mixture is smooth and evenly colored.
Pour the wet ingredients into the dry ingredients and fold until just combined. Let the batter rest for 10 minutes to thicken and turn fluffy.
Heat a nonstick skillet or griddle over medium-low heat and grease it lightly with butter. Pour 1/4 cup of batter per pancake, leaving room to flip.
Cook for 2-3 minutes, until bubbles cover the surface and the edges look matte and set, then flip and cook for 1-2 minutes more.Because the red color hides browning, go by the bubbles and a center that springs back when lightly pressed.
Stack the warm pancakes and pour the cream cheese glaze generously over the top. Serve right away.